Lending Club

Finovate Alumni News

By David Penn Posted on
Categories: Cachet Financial Solutions, Credit Karma, Dwolla, Holvi, Kony Solutions, Lending Club, LendingRobot, Loop, Motif Investing, PayPal, Personal Capital, ReadyForZero, Rippleshot, TSYS, Yodlee, Zopa

Around the web

  • TSYS launches new data analytics platform, Analytics Intellisuite.
  • Let’s Talk Payments interviews Rippleshot CEO Canh Tran, co-founder.
  • International Business Times previews the arrival of LoopPay-powered Samsung Pay in the U.K.
  • Business Insider looks at the growth prospects for Zopa, P2P lender.
  • New investors can now open Lending Club accounts on LendingRobot.
  • CU Mobile Apps (CUMA) chooses Cachet Financial Solutions as its preferred mobile deposit provider.
  • Holvi launches iframe to enable users to embed Holvi online store products into external websites.
  • Yodlee cites innovations from PayPal, Credit Karma, Personal Capital, and ReadyForZero in its piece 7 Habits of Highly Successful Fintech Startups. Check out Yodlee, PayPal, and Personal Capital at FinDEVr San Francisco 2015.
  • Dwolla gives account holders option to enable two-factor authentication.
  • Lend Academy: Lending Club announces open integration, third parties jump on board.
  • Kony achieves mobile competency status awarded by Amazon Partner Network.
  • Motif Investing celebrates the launch of dollar-based trading with Free Trading Day on Friday

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

By David Penn Posted on
Categories: 3E Software, Avoka, Backbase, Bluefin Payment Systems, Cardlytics, CrowdFlower, Dwolla, FIS, Kabbage, Lending Club, Prosper, Tradeshift, Tyfone, WePay

On Finovate.com

  • “FinDEVr San Francisco Very-Early-Bird Ticket Discount Ends Friday“
  • “Finovate Debuts: 3E Software’s Teslar is a Toolbox for Credit Management”
  • “New Investment in Tyfone Takes Total Capital to $12 Million”

Around the web

  • FIS to purchase SunGard for $9.1 billion.
  • Lending Club launches its Open Integration program, unveiling a suite of APIs for online advisers and broker-dealers.
  • In Gartner’s latest report, Backbase scores twice in the top 5 for the B2C Informational and B2C Transactional use cases.
  • Bluefin Payment Systems partners with EchoSat to protect point-of-sale systems from security breaches.
  • Inc. ranks Kabbage as 36, WePay as 62, Prosper as 86, and Cardlytics as 88 in a list of the 5,000 fastest-growing private companies in America.
  • Column in Stars and Stripes highlights CrowdFlower in discussion on micro-work.
  • TradeShift to acquire Merchantry for $30 million.
  • Dwolla adds two-factor authentication for full account holders.

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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Lending Club Reports Growth in Revenues, Originations for Q2 2015

Lending Club Reports Growth in Revenues, Originations for Q2 2015
By David Penn Posted on
Categories: Lending Club

LendingClub_homepage_Aug15

Lending Club provided investors with plenty to think about in its Q2 2015 earnings conference call this week. Here are a few of the highlights from a second quarter that saw Lending Club reach $11.2 billion in total originations.

Financial stats:

  • Revenue gains of 98% year-over-year ($96.1 million this year compared to $48.6 million last year in the same period)
  • Cash, cash equivalents, and securities available for sale totaling $888 million; no outstanding debt
  • Originations increased by 90% year over year ($1.9 billion compared to $1 billion last year in the same period)

Milestones:

  • Opened to investors in Texas, Arizona, Arkansas, Iowa, and Oklahoma; now available to investors in 33 states
  • Opened to borrowers in Nebraska and North Dakota; now available to borrowers in 47 states
  • Partnered with Ingram Micro to provide term loans and unsecured lines of credit for Ingram Micro’s valued-added resellers in the U.S.

Lending Club said it anticipates Q3 2015 operating revenues of between $106 million and $108 million, and total revenues for fiscal 2015 between $405 million and $409 million.

Founded in 2006 and headquartered in Sunnyvale, California, LendingClub demonstrated its platform at the first Finovate in 2007. Renaud Laplanche is CEO.

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Finovate Alumni News

By David Penn Posted on
Categories: ACI Worldwide, Azimo, blooom, CashStar, Currency Cloud, CurrencyFair, Dragon Wealth, FinanceIt, Lending Club, LendUp, peerTransfer, Ripple, TransferWise, Twilio, Xero, Yodlee

On Finovate.com

  • “Xero Launches its New Android Touch App”
  • “Lending Club Reports Growth in Revenues, Originations for Q2 2015″
  • “CashStar Raises Captal: New Investment Boosts Total to $50 Million”

Around the web

  • Star Tribune column on robo-advisors features blooom.
  • ACI Worldwide and Computop partner to provide payments and anti-fraud solution.
  • Yodlee adds four companies to its International Acceleration Program. Join Yodlee at FinDEVr 2015 in San Francisco in October.
  • BankNXT’s look at fintech in Singapore features Dragon Wealth.
  • Let’s Talk Payments highlights Azimo, Currency Cloud, peerTransfer, TransferWise, and Ripple in its list of “remittance startups to watch for.”
  • CurrencyFair signs on with global payment network, Earthport.
  • LendUp deploys TaskRouter from Twilio to improve its call-center customer service. See Twilio at FinDEVr 2015 in San Francisco.
  • The Globe and Mail highlights Financeit in a look at financing options for small businesses.

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

By Julie Muhn (@julieschicktanz) Posted on
Categories: AcceptEmail, Acculynk, Algomi, Ayasdi, BehavioSec, Bill Guard, Expensify, FIS, Lending Club, Mint, On Deck Capital, PayStand, Pindrop Security, Smarty Pig, SocietyOne, Toshl, Tradeshift, Tradier, TSYS, Yodlee

On Finovate.com

  • “Expensify Tallies Up $17.5 Million in Funding to Support its New Fintech Investment Fund”

Around the web

  • AcceptEmail partners with PayWithMyBank to make bill pay convenient and less costly.
  • SocietyOne hires former Lending Club executive as its new chief marketing officer.
  • Spend Matters highlights Tradeshift as a company to watch in 2015.
  • Pindrop Security releases new version of fraud detection system to more effectively identify and predict fraudulent activity.
  • Yodlee hosts webinar on how to build financial apps to meet rapidly evolving customer expectations.
  • BehavioSec mentioned as one “wild invention of the future” that the Pentagon is behind.
  • Tradier announces 75+ investor platforms and advisors integrating with its API.
  • Algomi adds 100th buy-side firm to its Honeycomb Network.
  • American Banker: FIS in talks to acquire SunGard.
  • PYMNTS.com interviews Sarah Hartman, senior director of consumer payment solutions at TSYS.
  • India West profiles Ayasdi founder and CEO, Gurjeet Singh.
  • Benzinga’s list of 10 PFM apps for teens and young adults features Toshl Finance, Manilla, BillGuard, Mint, and Smarty Pig.
  • Acculynk teams up with TouchPay, combining online billpay with self-service payment kiosks.
  • OnDeck rolls out mobile app for account management on the go. Come see OnDeck at FinDEVr in San Francisco, 6/7 October 2015.
  • Let’s Talk Payments interviews PayStand CEO Jeremy Almond.

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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Five Alums Earn Finalist Spots in Global Banking Innovation Awards 2015

Five Alums Earn Finalist Spots in Global Banking Innovation Awards 2015
By David Penn Posted on
Categories: Fidor Bank, Idea Bank, Lending Club, Moven, PayItSimple

BAI_homepage_July2015

Five Finovate alums, including three innovative bank partners, have made it to the finals of the BAI Global Banking Innovation Awards 2015.

Lending Club, Moven, and PayItSimple will compete for top honors in the “Most Innovative Non-Bank Financial Services Organization Award.”

Fidor Bank AG, headquartered in Germany, earned finalist honors in four categories. Fidor demoed its FidorPay Account at FinovateEurope 2011:

  • Product and service Innovation
  • Innovation in payments
  • Disruptive innovation in banking
  • Most innovative bank of the year

Poland’s Idea Bank made it to the finals in one category, Innovation in Payments. Idea Bank joined Efigence on the stage for FinvoateEurope 2014 and presented their transaction system for SMEs.

The winners and finalists will be recognized during the BAI Retail Delivery Conference & Expo, 13-15 October 2015 in Las Vegas.

A total of 39 finalists were selected out of more than 250 nominees. This year’s event featured three new categories: Innovation in Payments; Most Innovative Community-based Banking Organization; and Most Innovative Non-bank Organization. According to BAI president and CEO Debbie Blanucci, the goal was to recognize the full breadth of innovation in the financial services space.

“The new changes in this year’s program will enable us to further recognize innovation and originality throughout our industry,” Blanucci said, “including community financial institutions and new non-bank entrants that provide direct-to-consumer banking products and services.”

2015 marks the fifth year of the The BAI – Infosys Finacle Global Banking Innovation Awards, sponsored by Bank Administration Institute and BAI Center and Infosys.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Avalara, ayondo, Betterment, CUneXus, DarcMatter, DriveWealth, GMC Software Technology, Kabbage, Kalixa, Lending Club, MaxMyInterest, Monitise, MX, Patch of Land, Prosper, Sonavation, Spreedly, Taulia, TickerTags, Top Image Systems, Vanguard, WePay

On Finovate.com

  • “Santander UK Launches Cash Kitty PFM App Developed with Kalixa, Monitise”

Around the web

  • Lend Academy podcast features Kathryn Petralia, Kabbage co-founder. Come see Kabbage at FinDEVr 2015 in San Francisco.
  • GMC Software releases GMC Inspire R10 customer communications management software.
  • DevNetwork profiles WePay at the API World 2015 conference.
  • DriveWealth joins with World Merit to promote the first Financial Literacy Challenge.
  • Sonavation unveils technology that puts fingerprint sensors under Gorilla Glass.
  • Top Image Systems inks deal with Bahrainian Xerox distributor, Business International all.
  • Dallas Business Journal interviews Chris Camillo, TickerTags founder.
  • Prosper begins debt-sale recovery strategy; charged-off loans will be packaged together for a debt sale.
  • AlwaysOn selects Taulia as an AlwaysOn Global 250 winner.
  • Beehive Startups takes a peek at MX’s culture. Check out MX’s presentation for developers at FinDEVr 2015 in San Francisco.
  • GROWMARK selects Avalara AvaTax Excise & Returns Excise Enterprise. Avalara will present at FinDEVr 2015, 6/7 October.
  • Forbes column on top fintech trends highlights MaxMyInterest, Prosper, Lending Club, Betterment, Vanguard, CUneXus, Patch of Land, and DarcMatter.

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

By Julie Muhn (@julieschicktanz) Posted on
Categories: Alpha Payments Cloud, Betterment, blooom, Check Point, Coinbase, Comarch, Dashlane, Expensify, EyeVerify, Fenergo, FinanceIt, Geezeo, Kabbage, Lending Club, Mifos Initiative, Narrative Science, On Deck Capital, peerTransfer, PrivatBank, Revolut, Silanis Technology, Spreedly, StockViews, TransferWise, True Link, Vanguard, Wealthfront

On Finovate.com

  • “Dashlane Integrates Samsung Biometric Technology in Android App Upgrade”
  • “Revolut Launches to Public, Announces $2.3 Million in Funding”

Around the web

  • PYMNTS looks at OnDeck’s record-breaking quarter.
  • Red Herring names Kabbage a Top 100 Private Company.
  • Geezeo to power BankMobile’s PFM.
  • Alpha Payments Cloud using Snapcard to enable AlphaHub users to accept Bitcoin payments.
  • PrivatBank to offer remittance services courtesy of TransferWise.
  • StockViews earns a spot in the 2015 Startupbootcamp FinTech London cohort.
  • ING Bank Slaski launches ING Business for Apple Watch app powered by Comarch Mobile Banking.
  • Caltech Letter interviews Financeit CEO Michael Garrity.
  • The Indian Express profiles the biometric authentication technology of EyeVerify.
  • Aragon Research names eSignLive by Silanis Technology as a “Hot Vendor” in digital transaction management (DTM).
  • peerTransfer petitions Chinese government to open office in Shanghai.
  • The Independent looks at the IPO plans of Fenergo in light of the company’s recent funding.
  • Investment News highlights Vanguard, Wealthfront, and Betterment in a look at how much money is being managed by robo-advisors.
  • Spreedly surpasses $1 billion in annual payment volume. Come see Spreedly at FinDEVr, 6/7 October in San Francisco.
  • Expensify integrates with Workato to connect it with more than 50 business apps.
  • CheckPoint’s ZoneAlarm Launches Windows 10 Compatible Antivirus Software for Consumers.
  • The Mifos Initiative joins The Open Source Initiative, a global nonprofit that promotes and protects open source software, development and communities. Check out Mifos at FinDEVr 2015 in San Francisco, 6/7 October.
  • Stuart Frankel of Narrative Science earns a spot on Crain’s Chicago Business Tech 50.
  • USA Today column on personal finance for millennials features Kai Stinchcombe, CEO and co-founder of True Link.
  • Business Insider includes Lending Club and Coinbase in its list of the seven hottest startups in Silicon Valley.
  • Blooom and Future Advisor are profiled in a Forbes column on making the most out of your 401(k).

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

By Julie Muhn (@julieschicktanz) Posted on
Categories: ArthaYantra, Backbase, Betterment, Billhighway, Braintree, Coinbase, FutureAdvisor, Insuritas, iSignthis, Lending Club, Market Prophit, PayItSimple, PayPal, Prosper, ReadyForZero, Ripple, Topicus, Trustly, Wealthfront

On Finovate.com

  • “Redesigning the Value Chain: Q&A with Michiel Schipper of Topicus”

Around the web

  • Trustly appoints CCO from Société Générale and director of sales from Klarna Group.
  • Swiss Re partners with Backbase to develop a new digital platform for selling and servicing life and health products online. Come see Backbase at FinDEVr on 6/7 October in San Francisco.
  • PayItSimple launches in the United Kingdom.
  • Greater Nevada, $550 million in assets, hires Insuritas to launch insurance agency.
  • Paybefore: “How the Ripple Protocol Could Change Payments”
  • PayPal’s Braintree supports Apple Pay in the U.K. with its v.zero SDK. Come see Braintree at FinDEVr this fall.
  • Billhighway adopts SnapApp platform to develop and publish interactive content that increases market engagement.
  • ReadyForZero lists Prosper and Lending Club as 2 of the top 3 debt-consolidation loan companies.
  • Betterment launches SmartDeposit feature.
  • Market Prophit licenses its platform to Nasdaq’s Market Intelligence Desk.
  • The Flying Merchant to use digital eKYC solution from iSignthis to meet AML requirements.
  • The Economic Times India features ArthaYantra, Betterment, FutureAdvisor, and Wealthfront in a review of robo-advisors.

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

By Julie Muhn (@julieschicktanz) Posted on
Categories: Acculynk, blooom, Currency Cloud, FutureAdvisor, InComm, Insuritas, Lending Club, Misys, Moven, Personal Capital, Prairie Cloudware, Qapital, Xignite

On Finovate.com

  • Currency Cloud Cooks Up $18 Million in New Funding Round
  • FutureAdvisor Grows 10x to $600+ Million Under Management
  • Xignite Inside: Market Data Provider Powers Apple Watch Apps for Finovate Alums
  • Prairie Cloudware Announces New Round of Investment

Around the web:

  • Insuritas to power insurance-agency solution to First Federal Savings Bank of Wyoming.
  • American Banker mentions how Qapital and Moven recently updated their software to make saving easier.
  • Digital Transactions recognizes Payzur from Acculynk as a P2P payments leader.
  • Misys wins Best Trade Finance Tech Solutions Company at the Trade Finance Awards for Excellence.
  • Fortune profiles Blooom President Greg Smith, former Goldman Sachs banker.
  • Personal Capital CEO Bill Harris, former PayPal CEO, discusses how PayPal fits into mobile payments.
  • InComm partners with U.K.-based Sainsbury’s to help consumers save on the cost of fuel at Sainsbury’s petrol stations after buying gift cards.
  • Jo Ann Barefoot podcast interviews Lending Club founder and CEO, Renaud Laplanche.

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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New $175 Million Investment Earns Credit Karma a $3.5 Billion Valuation

New $175 Million Investment Earns Credit Karma a $3.5 Billion Valuation
By David Penn Posted on
Categories: Credit Karma, Funding, Lending Club

CreditKarma_homepage_June2015

An investment of $175 million has boosted Credit Karma’s total capital to $368.5 million and given the company a valuation of $3.5 billion.

Participating in the Series D round were Tiger Global Management, Valinor Management, and Viking Global Investors. Credit Karma said the new funding will help them add new features to the platform.

“Today, no one tells you when your credit rating goes up or when a lower interest rate is available for your loan,” says Ken Lin, Credit Karma CEO and founder. “We’ll soon be able to let people know when they have an opportunity to save money, and if they’ll be approved, with new levels of certainty.”

Lin says he plans to leverage the data insights from the company’s more than 40 million members to “deliver top-quality insights for everyone looking to improve their personal finances.”

The funding announcement also included a preview of what Credit Karma has in store for the platform. This new functionality includes the ability to consolidate student loans with just a few clicks; comparison-shop for customized insurance quotes; find the best credit card for their spending and savings profile, and more. “Our members will be able to apply for something without filling out endless forms,” says Nikhyl Singhal, Credit Karma’s chief product officer. The goal is to ensure that customers don’t have to provide any more personal information than is absolutely necessary, while at the same time providing access to a broad variety of potential lenders.

It was less than a year ago that Credit Karma announced a valuation of $1 billion, and a little over a year since the company began providing free weekly credit reports to its members. This spring, Credit Karma launched its Thin File customer experience, which helps members with little or no credit history review their own situation to learn how to build a good credit history and see which credit products (cards and loans) would be most appropriate for their needs.

Credit Karma last demoed as part of FinovateSpring 2009. Named to Inc.’s “20 Financial Startups You Need to Know” in May, Credit Karma was founded in 2007 and is headquartered in San Francisco. It is now the second-most-valuable Finovate alum, trailing only Lending Club (LC), trading at a $6.2 billion valuation today.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: DRAFT, Fiserv, Flint Mobile, LearnVest, Lending Club, Loop, Market Prophit, MaxMyInterest, planwise, QuantConnect, Ripple, Token, Tradier, TransferWise, Trulioo, WePay, Zopa

On Finovate.com

  • Finovate Debuts: Token Creates a Secure Payment Ecosystem

Around the web

  • PYMNTS chats with Ripple Labs CEO Chris Larsen, co-founder.
  • Forbes lists Transferwise as 1 of 3 fintech startups you should know.
  • Inc. names Planwise, Trulioo, WePay, Flint in its look at the evolution of fintech.
  • After launching with Tradier, QuantConnect saw a 300% jump in user-engagement signals, including traffic, coding and backtesting.
  • Fiserv expands card-production capabilities to speed EMV chip-card migration.
  • TechCrunch column on fintech startups features Lending Club and LearnVest.
  • PYMNTS.com quotes LoopPay CEO Will Graylin in a discussion of how Apple, Google, and Samsung “pitch payments.”
  • Market Prophit adds Nasdaq Last Sale real-time data to its analytics platform.
  • Queens Gazette columnist calls MaxMyInterest “a way to get back at the banking industry for their pitifully low interest rates on savings.”
  • The Financial Times’ review of P2P lending for business and consumers features Zopa.
  • Ernst & Young name TransferWise co-founders Taavet Hinrikus and Kristo Käärmann “Entrepreneurs of the Year” for 2015.
  • Great Friday reading material! Draft co-founder Brad Lawler describes how he was inspired by Finovate.

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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