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Finovate Alumni News– May 9, 2014

By Julie Muhn (@julieschicktanz) Posted on
Categories: Bolstr, CUneXus, Fiserv, ID.me, Klarna, Kony Solutions, MasterCard, MoneyDesktop, Q2ebanking, Rippleshot, Stockr, Venovate
  • Q2ebanking releases first quarter results with 2014 Q1 revenue of $16.8 million, up 31% YOY.
  • Stockr voted Top 100 Website by PC Magazine.
  • Dell Services improves enterprise mobility offerings with Kony partnership.
  • Silicon Slopes: MoneyDesktop snags AtTask executive for EVP of Sales.
  • MasterCard launches “auWallet” prepaid card program for APMEA region in partnership with KDDI.
  • Nymeo Federal Credit Union to deploy account processing technology from Fiserv.
  • Klarna, Provenir launch project to combine fraud risk decisioning with compliance, risk management automation.
  • Entrepreneurial digital startup hub, 1871, features Rippleshot.
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.

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Finovate Alumni News– April 24, 2014

By Julie Muhn (@julieschicktanz) Posted on
Categories: Actiance, Check, Check Point, Doxo, Kantox, Klarna, Linkable Networks, Simple, ThreatMetrix
  • Finovate-F-Logo.jpgLinkable Networks teams up with Ohana to deliver card-linked savings.
  • Actiance launches its Actiance Technology Partner Program.
  • Check Point Software Technologies launches new 41000 Security System, expanding its network security portfolio.
  • The Paypers interviews ThreatMetrix CEO, Reed Taussig.
  • Kantox announces formation of European Advisory Board.
  • doxo launches real-time business analytics and market data for service providers.
  • The Simple customer experience as experienced on a 3 week bike trip to FinovateSpring.
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.

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Finovate Alums Raise $600 Million in First Quarter of 2014

By David Penn Posted on
Categories: Azimo, BankBazaar, Birdback, CAN Capital, Credit Karma, Doxo, Kantox, Kapitall, Kensho, Klarna, On Deck Capital, PayNearMe, Payoneer, peerTransfer, Realty Mogul, Red Zebra, SmartAsset, SocietyOne, Spreedly, ThreatMetrix, Tradeshift, ZenPayroll, Zopa

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Want some context on the torrid pace of fintech financing in the first three months of 2014?

Consider this: a year ago, fourteen Finovate alums raised a total of more than $150 million in the first quarter of 2013.

A year later, we have just nine alums raising more than twice as much in the month of March alone.

March Madness, indeed.
Q1 of 2014 saw 23 Finovate alums walk away with just under $600 million in capital. The biggest haul of the quarter came courtesy of Klarna, which raised more than $125 million. 
But there were plenty of similarly impressive fundraisings, including the $85 million raised by Credit Karma, and the $77 million and $75 million secured by OnDeck and Tradeshift, respectively.
Total raised = More than $592 million
January — $91 million raised by seven companies
February — $139 million raised by seven companies
March — $362 million raised by nine companies
Note: Funding prior to becoming a Finovate alum not included. Questions? Comments? Email us at [email protected] or [email protected]

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Finovate Alumni News– March 28, 2014

By David Penn Posted on
Categories: BBVA, BehavioSec, eToro, Kantox, Klarna, Mambu, MasterCard, Nostrum Group
  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgMambu wins Cloud Computing Innovation of the Year awards at 2014 FStech Awards.
  • eToro launches new version of OpenBook.
  • Nostrum Group ranked 9th in GP Bullhound’s Northern Tech 50.
  • Global Payments to offer MasterCard’s MasterPass digital payments solution.
  • New partnership means V&D customers will be able to pay via Klarna.
  • Innotribe interviews Kantox’s CEO, Philippe Gelis.
  • The Financial News features BehavioSec.
  • BBVA and Google sponsor developer competition for SME business apps geared toward Spanish, Latin American markets.
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.

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Eleven Finovate Alums Win Awards at PYMNTS Innovation Project 2014

By David Penn Posted on
Categories: Bill.com, Credit Karma, Klarna, Lending Club, Mitek, PayNearMe, PayPal, PaySimple, Prosper, Ripple, Venmo

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The votes are in. The judges have decided. And 11 Finovate alums have earned awards at the 2014 PYMNTS.com Innovation Project, including three gold medals.

Finovate alums won awards in a diverse range of categories, from “B2B Innovation” to “Best Comeback Story.” Areas where alums dominated included “Best Credit Innovation,” where Credit Karma, Lending Club, and Klarna swept the field, as well as “Best Innovation via ACH” and “Best Check Innovation.”

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The Innovation Project is “powered by PYMNTS.com,” a joint venture between BusinessWire and Market Platform Dynamics. The event is in its second year, and was again held at Harvard University in Cambridge, Massachusetts.
A total of 49 awards were presented. Gold, silver, and bronze in fifteen categories, plus singular Catalyst, Women Driving Innovation in Payments, Lifetime Achievement, and Best in Show awards. 

Also announced were three inductees to the Payments Hall of Fame.
See how the rest of the Finovate family fared below.




Catalyst Award 
  • International e-commerce payments and money transfers
  • Finovate demo video: Europe 2012
Gold
  • Best B2B Innovation
  • Cash flow management solution for business integrating electronic payments, accounting, digital documents, and more
  • Finovate demo video: Spring 2012
  • Best Credit Innovation
  • Aggregates consumer financial data from bank accounts and credit scores to mortgage loans in one location
  • Finovate demo video: Startup 2009
  • Best Check Innovation
  • Enables check payments without having to write paper checks
  • Finovate demo video: Spring 2012
Silver
  • Best Credit Innovation
  • Online, peer-to-peer lender
  • Finovate demo video: Startup 2009
  • Best Cash Innovation
  • Cash transaction network 
  • Finovate demo video: Spring 2013
  • Best New Technology
  • Open-source, distributed payment protocol
  • Finovate demo video: Spring 2013
  • Best Innovation via ACH
  • Best Check Innovation
  • Send money to a Venmo account, bank account or supported debit card for free
  • Finovate demo video (with Braintree): Spring 2013
Bronze
  • Most Innovative Company
  • E-commerce solution mitigates credit and fraud risk for online merchants 
  • Finovate demo video: Spring 2012
  • Most Disruptive Innovation
  • Best Comeback Story
  • Peer-to-peer lending
  • Finovate demo video: Finovate 2007
  • Best Credit Innovation
  • Best Innovation via ACH
  • Solution leverages mobile device camera to enable check deposit, account opening, and bill pay.
  • Finovate demo video: Fall 2013

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Klarna Raises £90 Million to Finance Sofort Acquisition

By David Penn Posted on
Categories: Klarna

klarnaLogo.jpg

With the company’s founders leading the way, Klarna has raised £90 million to finance the acquisition of Sofort.

Klarna scooped up Sofort in December 2013 in a deal reportedly worth $150 million. The additional capital marks the completion of the acquisition and the formation of the Klarna Group. Also participating in the fundraising were existing investors Atomico, General Atlantic, and Sequoia Capital.

CEO and co-founder of Klarna, Sebastian Siemiatkowski said, “(This) is a vote of confidence in Klarna’s long term vision to become the world’s favorite way to buy. Together with Sofort we are the leading European alternative payment provider.”
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Klarna is one of Europe’s biggest players in the mobile payments market. The company’s approach separates “buying from paying” by allowing consumers to do the former with just an e-mail address and post code, and the latter by a variety of different methods, from invoice to credit card to bank transfer.
The results is a frictionless buying experience for the consumer, with lower abandonment rates and easier payment management for the merchant (“one contract, one contact, one payment file”).
A few Klarna Group metrics:
  • More than 1,000 employees
  • Active in 14 European markets
  • Serves 25 million consumers
  • Works with 45,000 online merchants
  • Has processed more than 140 million transactions
Founded in 2005 and headquartered in Stockholm, Sweden, Klarna was among 19 Finovate alums to be selected for the 2014 European FinTech 50 awards.
Klarna demoed its technology at FinovateSpring in 2012. See the company in action here.

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Finovate Alumni News– March 14, 2014

By Julie Muhn (@julieschicktanz) Posted on
Categories: Arxan Technologies, Dynamics, Guide Financial, Klarna, Mambu, Mitek, On Deck Capital, Realty Mogul
  • Finovate-F-Logo.jpgArxan Technologies wins in the Products and Services Excellence category of the Infosecurity Global Excellence Awards.
  • OnDeck’s CEO Noah Breslow appears on CNBC Squawk Box.
  • Mitek opens mobile imaging platform to developers.
  • Klarna raises £90 million to finance acquisition of Sofort.
  • Collision features Realty Mogul in its selection of “10 Top Startups with Powerful New Ideas.”
  • OnDeck tops $1 billion in small business loans.
  • CBS News features Dynamics‘ Hidden card, interviews CEO Jeff Mullen.
  • Yale microfinance program to deploy Mambu platform.
  • FPPad Bits and Bytes <a features Guide Financial in its latest video review.
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.

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Finovate Alumni News– February 7, 2014

By David Penn Posted on
Categories: EyeVerify, IntelliResponse, Klarna, Realty Mogul
  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgKansas City, Kansas mayor declares February 6th “EyeVerify Day.”
  • Klarna announces broader expansion in Europe, interest in Japan and the US.
  • LA Times real estate column on innovations in lending features Realty Mogul.
  • Opus Research report names IntelliResponse as a leader in the Enterprise Virtual Assistant industry.
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.

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19 Finovate Alums Selected for 2014 European FinTech 50 Awards

By Julie Muhn (@julieschicktanz) Posted on
Categories: AcceptEmail, BehavioSec, Credit Agricole, eToro, ETRONIKA, Fidor Bank, Five Degrees, FreeAgent, HelpMyCash, Holvi, Ixaris, Klarna, mBank, Meniga, Nutmeg, The Currency Cloud, TransferWise, Wonga, Zopa

The FinTech 50 awards highlight 50 European-based companies to watch over the coming year. The companies are selected by a panel of 15 fintech professionals. This year, 19 of the selected companies are Finovate alums.

Here are the Finovate alums selected, listed in alphabetical order:

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AcceptEmail, for its electronic billing and payment system that allows customers to make payments straight from their email.

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BehavioSec, for its technology that uses behavioral biometrics to verify users, creating a secure environment without extra friction.

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Credit Agricole Apps, for its online app store where financial apps are co-created between clients and developers.

eToroLogo.jpg

eToro, for its social trading and investment network

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ETRONIKA, for its full suite of ebanking channels and BANKTRON management platform.

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Fidor Bank, for its innovative online banking community.

FiveDegreesLogo.jpg

Five Degrees, for its integrated banking platform that extends from back-end systems to client-facing technology.

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FreeAgent, for its SMB-focused online accounting system.

HelpMyCashLogo.jpg

Help my Cash, for its recommendation engine that informs consumers of their options when choosing and negotiating financial services.
Holvi, for its smart checking account for group activities.
Ixaris, for its innovative global applications based on open-loop prepaid card schemes.

IxarisLogo.jpg

klarnaLogo.jpg

Klarna, for its e-commerce payment solutions.

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mBank, for its Bank 3.0 approach to online and mobile banking.

MenigaLogo.jpg

Meniga, for its white-labeled PFM and next-generation online banking solutions.

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Nutmeg, for its online savings and investing service that helps users manage their money.

TheCurrencyCloudLogo.jpg

The Currency Cloud, for its Cross Border Payments as a Service product that optimizes exchange rates and payment networks for both parties in a currency exchange.

TransferwiseLogoNew.jpg

TransferWise, for its platform that allows expats, foreign exchange students and businesses to move money globally.

wonga.jpg

Wonga, for its service that provides small, short term cash advances to UK consumers online.

zopa.jpg

Zopa, for its P2P money lending service that allows borrowers and lenders to deal with each other directly.

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Finovate Alumni News– December 19, 2013

By Julie Muhn (@julieschicktanz) Posted on
Categories: ACI Worldwide, Allied Payment Network, ayondo, CR2, findabetterbank.com, Finovera, FIS, Fiserv, Jemstep, Klarna, PaySimple, peerTransfer, planwise, SigFig, Tradeshift, Trustev
  • Finovate-F-Logo.jpgThe Chicago Tribune lists Planwise, SigFig, Jemstep and FindaBetterBank as tools to fix your finances.
  • peerTransfer announces record setting 2013, bringing total customer base to 400 institutions.
  • Tradeshift brings in $15 million of a $57 million equity round.
  • Trustev brings in $500k from Notion Capital, Adding to the $3 Million it Garnered in October.
  • Business2Community features PaySimple.
  • Allied Payment Network teaming up with ACI Worldwide to provide same day bill pay via PicturePay.
  • Klarna acquires Sofort to become 10% of Europe’s $100 billion e-commerce market.
  • Les Muma, former Fiserv CEO, to join board of directors of FIS.
  • UAE’s Bank of Sharjah to offer CR2’s BankWorld-powered mobile banking app.
  • ayondo announces new features including open positions in profile view.
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.

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Klarna Acquires Sofort to Become 10% of Europe’s $100 Billion E-Commerce Market

By David Penn Posted on
Categories: Klarna

klarnaLogo.jpg

In a deal reported to be worth $150 million, mobile payments company Klarna is acquiring German rival, Sofort.

The purchase will make Klarna one of the bigger fish in Europe’s payment industry pond. The company estimates that the acquisition will result in a 10% share of an e-commerce market valued at $100 billion.

A few more metrics on the new Klarna:
  • Operates in 14 countries
  • Serves 43,000 merchants and 25 million users
  • Earns $200 million in revenues annually
  • Expects to process $10 billion in transaction value in 2014
The new Klarna will combine the company’s current strength in northern Europe with Sofort’s market reach in Germany and Austria. Both companies will be operated separately, and the acquisition will require approval from Sweden’s Financial Supervisory Authority.

Klarna_homepage.jpg

Klarna has been a favorite of major industry investors, racking up $250 million in funding from the likes of Sequoia Capital. Sequoia was credited for originally suggesting the partnership with Sofort.
A leading mobile payments company in Europe, Klarna’s Checkout solution lets consumers make online purchases and pay after delivery. This approach, according to Klarna, helps merchants increase conversion rates and limit cart abandonment. At the same time, consumers appreciate the frictionless process and flexibility that allows them to pay later by email in full or in installments.
As founder and CEO Sebastian Siemiatkowski said during his FinovateSpring appearance in 2012: “We think of ourselves as a new rail, a new infrastructure for payments. One that is safer and simpler for consumers, but at the same time safer for merchants because (having) sub 1% losses allows us to take all the default and fraud risk for merchants.”
For European consumers and merchants (Klarna has yet to make its mark in the U.S.), today’s news is another big step in this direction.

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Finovate Alumni News– May 24, 2013

By David Penn Posted on
Categories: Flint Mobile, GMC Software Technology, Handpoint, Klarna, Lendio, Lighter Capital, Personal Capital, ThreatMetrix, TipRanks, Yandex
  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgMainStreet features “stock tip truth-o-meter” and FinovateSpring 2013 Best of Show winner TipRanks.
  • GMC Software Technology enters partnership with PostConnect to deploy Inspire technology.
  • AppScout takes a look at Flint’s mobile app for iPad and iPhone.
  • Yandex.Money integrates with Еuropean payment provider Skrill.
  • Banking Business Review reports: Handpoint introduces Chip and PIN MPOS systems.
  • Newfination visits the Personal Capital offices, interviews Head Of Advisory Services, Kyle Ryan.
  • American Banker mentions how Lendio and Lighter Capital are changing the face of small business lending.
  • Internet Retailer reports: ThreatMetrix helps EMerchantPay reduce its clients’ chargeback rates.
  • Klarna named “most innovative company” at annual Media Momentum Awards arranged by GP Bullhound.
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.

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