LendUp

Finovate Alumni News

By David Penn Posted on
Categories: ACH Alert, Azimo, CallVU, DefenseStorm, DemystData, EyeLock, Global Debt Registry, InComm, LendUp, myInvenio, nanoPay, Payoneer, Prosper, Quantopian, SelfScore, SocietyOne, SpeechPro, SuperMoney

On Finovate.com

  • Check out sneak peeks from FinovateSpring demoing companies SpeechPRO, CallVU, ACH Alert, nanoPay DefenseStorm, and SuperMoney.
  • InComm Partners with WeChat Pay Parent Tencent.

Around the web

  • PYMNTS.com looks at Payoneer and escrow service as a way to support B2B payments.
  • SelfScore launches Achieve Card to provide international students with access to credit.
  • New service from Azimo enables money transfers with just a phone number.
  • PYMNTS profiles LendUp’s target market focus.
  • Loan validation firm Global Debt Registry Adds Prosper to Network.
  • DemystData celebrates its one-year anniversary in Singapore by expanding its offices.
  • EyeLock receives patent for sequentially linking iris matching with facial imaging.
  • Wired gets into the algorithmic brains of Quantopian.

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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LendUp Lands $100 Million Credit Facility

LendUp Lands $100 Million Credit Facility
By Julie Muhn (@julieschicktanz) Posted on
Categories: LendUp

Screen Shot 2017-03-02 at 5.02.19 PM

Payday loan alternative startup, LendUp, announced this week it has received a $100 million credit facility. The financing comes from the company’s long-time partner, Victory Park Capital, and will be used to fund future loan growth. The San Francisco-based startup’s combined debt and equity now totals $325 million.

In addition to the financing news, LendUp also surpassed $1 billion across 3.3 million loan originations since launching in 2012. Sasha Orloff, LendUp CEO and co-founder said, “This is an important milestone for LendUp because it proves the viability and sustainability of the market opportunity for socially responsible lending.”

The company’s team of 200+ aims to help consumers rejected by banks find a safe alternative to payday lenders. LendUp’s flagship products include LendUp Loans, a short-term loan that lets users borrow up to $250 for 30 days; and LCard, a credit card made for those who struggle with credit. In 2016, these products helped borrowers save $55+ million in interest and fees (up from $16 million in 2015). LendUp also offers educational materials, such as free online courses, to give cardholders the information they need to make decisions about their financial future. These videos have been viewed more than 1.2 million times.

CEO Sasha Orloff debuted the company’s API at FinovateSpring 2014. The API exposes LendUp’s core to allow partners to leverage its platform. The company won Best of Show at FinovateSpring 2013 for debuting its product that helps the underbanked build credit. In October of last year, H2Ventures and KPMG placed LendUp in the Leading 50 category of its Fintech 100 list.

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Finovate Alumni News

By David Penn Posted on
Categories: Algomi, ayondo, CardLinX, Fiserv, LendUp, LikeFolio, MapD, NICE Systems, NuCypher, Signifyd, Trustly, Yoyo

On Finovate.com

  • LendUp Lands $100 Million Credit Facility.
  • LikeFolio Begins Licensing Brand-Mapping Database.
  • Euronext Invests $10 Million in Algomi; Expands Joint Venture Agreement.

Around the web

  • Yoyo hires former PayPal GM Simon Moran as first VP of Commercial.
  • Fiserv expands its Florida contact and servicing center by 22%.
  • Trustly partners with UATP to enable online bank payments for airfare.
  • NICE extends real-time authentication across all voice channels.
  • The Asian Review covers Ayondo’s upcoming listing on the Singapore Exchange.
  • Signifyd wins Finance Monthly’s 2017 Fintech Award for Fraud.

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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H2 Ventures and KPMG Unveil 2016 Fintech 100

H2 Ventures and KPMG Unveil 2016 Fintech 100
By David Penn Posted on
Categories: Azimo, Coinbase, Credit Karma, Feedzai, Finova Financial, identitii, itBit, Kabbage, Klarna, Kreditech, Lending Club, LendUp, Motif Investing, North Side, Nubank, On Deck Capital, Overbond, Payoneer, Prosper, Rippleshot, SecureKey, SocietyOne, Tink, TipRanks, Wealthfront, Xero, Zooz

h2_kpmg_2016fintech100

H2 Ventures and KPMG have released their Fintech 100 roster for 2016. Divided equally between 50 “industry leaders” and 50 “emerging stars,” the roster features 17 Finovate/FinDEVr alums in the first category, and 10 in the second. Calling its roster a “celebration” of the most compelling innovators in this “bold new space,” the H2 Ventures/KPMG 2016 Fintech 100 covers a variety of different shades of fintech:

  • Lending (32 companies)
  • Payments (18 companies)
  • Insurance (12 companies)
  • RegTech (9 companies)
  • Data & analytics (7 companies)
  • Wealth management (6 companies)
  • Blockchain (5 companies)
  • Digital currency (5 companies)
  • Capital markets (3 companies)
  • Crowdfunding (2 companies)
  • Accounting (1 company)

And here is a look at how Finovate/FinDEVr alums fared. Earning recognition among the companies in the Leading 50 group are:

Also noteworthy in the Leading 50 are Ant Financial, which acquired Best of Show-winning EyeVerify in September 2016, and Avant, which acquired Finovate alum ReadyForZero in the spring of 2015.

Additionally, Finovate/FinDEVr alums earning spots in the Fintech 100’s 50 Emerging Stars roster were:

The H2 Ventures/KPMG report includes a geographic breakdown of the 2016 Fintech 100, as well as a set of key takeaways such as increased geographic diversification, the return of lending, the continued ascent of Insurtech, and the appearance of RegTech. The report also notes that China now has four out of the top five companies in the report’s top 10, and eight companies in the top 50. The report says funding for fintech “continues to rise,” and its authors cite more than $14 billion in capital was raised by the Fintech 100 in the past year.

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LendUp Gets a Leg Up with $47 Million

LendUp Gets a Leg Up with $47 Million
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, LendUp

Screen Shot 2016-08-22 at 4.33.44 PM

Payday lender-alternative LendUp landed $47 million in series C funding this week. Y Combinator’s growth fund, Y Combinator Continuity, led the round. Google Ventures, Thomvest Ventures, QED Investors, Data Collective, Susa Ventures, Radicle Impact, Bronze Investments, SV Angel and other angels also contributed.

The $47 million brings the company’s total funding to just over $110 million. LendUp will use the funds to build LCard, a credit card with a companion mobile app designed to help users build credit.

Founded in 2011, LendUp aims to help consumers rejected by banks find a safe alternative to payday lenders. The San Francisco-based company offers three main products:

  • LendUp Loans, a payday loan alternative that lets users borrow up to $250 for 30 days
  • LCard, a credit card made for those who have historically struggled with credit
  • Educational materials, free online courses to give cardholders the information they need to make decisions about their financial future

The company’s CEO Sasha Orloff told TechCrunch that the new round brings LendUp’s valuation “substantially higher than the last time.”

Cofounders CEO Sasha Orloff and CTO Jacob Rosenberg debuted the company’s API at FinovateSpring 2014. The API exposes LendUp’s core to allow partners to leverage its platform. The company won Best of Show at FinovateSpring 2013 for debuting its product that helps the underbanked build credit.

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Finovate Alumni News

By David Penn Posted on
Categories: Bluescape, EyeVerify, Fiserv, Kasasa, LendingFront, LendUp, nanoPay, NCR Corporation, Slice, Temenos, TransferTo

On Finovate.com

Around the web

  • NCR launches innovation lab at its new global headquarters in Atlanta, Georgia.
  • London-based BACB to replace its legacy IT systems with CorporateSuite from Temenos.
  • TransferTo integrates paysafecard as payment option within Safemoni app.
  • Slice launches browser add-on to send an email when the price of an item drops.
  • Kasasa now has 400 community FIs using its rewards account offering.

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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LendUp Raises $150 Million in Series B, Expanded Credit Facility

LendUp Raises $150 Million in Series B, Expanded Credit Facility
By David Penn Posted on
Categories: Funding, Fundings, LendUp

LendUp_homepage_Jan2016

San Francisco-based alternative lender LendUp has raised $150 million in a combined Series B funding round and expanded credit facility.

The Series B, which involved participation from “almost all” of LendUp’s existing investors, was led by Susa Ventures and Data Collective. Victory Park Capital participated in the investment, as well as providing LendUp with a second credit facility. According to LendUp CEO Sasha Orloff, the expanded credit facility will help the company provide new “national products” and reach more customers.

LendUp_stage_FS2014

From left: LendUp Co-founder Sasha Orloff and CTO Jacob Rosenberg demonstrated their platform at FinovateSpring 2014.

Founded in 2011 and launched the following year, LendUp specializes in providing credit products to the millions of U.S. consumers who aren’t able to borrow from traditional banks. These products include the LendUp Ladder, an alternative to payday loans that helps borrowers rebuild their credit, and a new credit card business, the L Card, launched last year.

Named one of “30 Hot Fintech Startups to Watch” by Fox Business in June 2015, and earning a spot on AlwaysOn’s On Finance Top 100 in April 2015, LendUp demonstrated its platform at FinovateSpring 2014. The company has more than 130 employees and anticipates doubling staff by the end of the year.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: additiv, AdviceGames, AlphaPoint, Capital Preferences, eWise, Fiserv, LendUp, Payoneer, Socure, TaxFree4U, Tradeshift, Valuto

On Finovate.com

  • “LendUp Raises $150 Million in Series B; Expanded Credit Facility”
  • “Fiserv Buys ACI Worldwide’s Community Financial Services Division for $200 Million”

Around the web

  • Tradeshift partners with (RED) to facilitate donations to the Global Fund to fight AIDS, tuberculosis and malaria.
  • Payoneer selects AU10TIX to enhance online customer ID authentication and record generation.
  • AlphaPoint appoints Scott Scalf as EVP of Development Operations.

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.

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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: Acculynk, BBVA, BehavioSec, Betterment, BrightScope, CashSentinel, Heckyl Technologies, Hedgeable, Ixaris, Lending Club, LendUp, Moven, On Deck Capital, Pindrop Security, Ripple, Top Image Systems, TSYS, Vanguard, VISA, Wealthfront, Zenmonics

On Finovate.com

  • “Finovate Debuts: TrueAccord Provides Kinder, Gentler Automated Debt Collection”
  • “HedgeCoVest Adds Two New Models to its Platform”
  • “CashSentinel Closes Seed Round of Undisclosed Amount”

Around the web

  • Dunkin’ Donuts, Fandango, Sundance Catalog and Williams-Sonoma now accept Visa Checkout.
  • Moven updates Android mobile app.
  • The Fintech blog features Q&A with LendUp CEO Sasha Orloff.
  • Bank Innovation profiles Hedgeable and its “one simple trick.”
  • Westpac Banking Corporation and New Zealand Banking Group are testing Ripple for payment transfers between subsidiaries.
  • Ixaris announces €4m Open Payments Ecosystem (OPE) project to support developers building payment apps.
  • TSYS to support Apple Pay when it launches in the U.K. in July.
  • Omnichannel account-opening solution from Zenmonics goes live at BBVA.
  • Austin Energy to adopt PaySecure platform from Acculynk.
  • Investopedia column on the “Top 5 Myths of Robo-Advisors” features Betterment, Wealthfront, and Vanguard.
  • BrightScope launches Fund Pages to provide detailed information about open-ended mutual funds.
  • Sam’s Club using Lending Club to offer financing to SMB customers.
  • FitSmallBusiness.com names OnDeck best provider of small business loans.
  • SunGard terminal selects Heckyl news and sentiment analysis.
  • Pindrop Security granted patent for phone antifraud and authentication technology.
  • Top Image Systems taps Bob Fresnel as new TIS Americas President.

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: Betterment, Braintree, EyeVerify, Flint Mobile, FutureAdvisor, Hedgeable, Lending Club, LendingRobot, LendUp, Market Prophit, Motif Investing, PayPal, Plaid, planwise, Prosper, Qapital, Top Image Systems, TradeHero, TransferWise, TrueAccord, Trulioo, TSYS, Venmo, Wealthfront, WePay, Xero

On Finovate.com

  • “PayPal’s Braintree Tapped to Turn Pinterest Browsers into Consumers”
  • “EyeVerify’s Partnership with Turkish Reseller Yields Vodafone Contract”
  • “U.K.-based TransferWise: Growth and Metrics Updates“

Around the web

  • TradeHero updates mobile iOS app.
  • WSJ features how Venmo helps users instantly move money more cheaply.
  • Apple lists Xero among group of business apps Apple is using to market the iPad for use in business.
  • Indianapolis Business Journal looks at the rise of robo-advisors Betterment, Wealthfront, Hedgeable, and Motif Investing.
  • TSYS launches its Chip Card on Demand to help issuers make the transition through the October chip-liability shift.
  • Top Image Systems unveils its new mobile account opening and onboarding app, MobiENROLL.
  • Benzinga interviews Igor Gonta, CEO of Market Prophit, on the launch of his Twitter-based, social media, smart beta index.
  • Fox Business features Planwise, LendUp, Trulioo, Plaid, Wealthfront, TrueAccord, WePay, Flint, Lending Club, Prosper, LendingRobot, and FutureAdvisor in its roundup of “30 Hot Fintech Startups to Watch.”
  • New York Business Journal reviews its gamification strategy of PFM solution, Qapital.
  • Financial Times profiles LendUp and the “grubby end of U.S. debt.”

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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AlwaysOn’s OnFinance Top 100 Features 30 Finovate Alums

AlwaysOn’s OnFinance Top 100 Features 30 Finovate Alums
By David Penn Posted on
Categories: Bill.com, Blockchain, CAN Capital, Cardlytics, CashStar, Coinbase, Credit Karma, Dealstruck, DemystData, Dwolla, Expensify, Flint Mobile, FutureAdvisor, Kabbage, LendUp, Motif Investing, PayNearMe, peerTransfer, Personal Capital, Prosper, Quantopian, Ripple, Swipely, Wealthfront, WePay, Xignite

AlwaysOn_homepage

More than a quarter of the companies recognized in AlwaysOn’s first OnFinance Top 100 roster are Finovate alums.

The OnFinance Top 100 is designed to recognize the Top 100 private companies in fintech. The list was chosen by the AlwaysOn editorial team, along with several venture capital firms and industry experts. The criteria included degree of innovation, market potential, commercialization, stakeholder value, and “media buzz.”

The list is divided into six categories, and Finovate alums are well represented in each. Category winners will be announced at Always On’s event at the NASDAQ OMX in New York City at the end of April 2015.

Banking and corporate finance

Big data and analytics

Capital markets and investing

Digital currencies

Payment platforms

Personal finance management

Headquartered in Menlo Park, California, AlwaysOn was founded in 2003 by Tony Perkins, founder and editor of Red Herring magazine. The company serves as a networking and social media platform for technology professionals in variety of fields, and has a membership of more than 5,000.

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