This post is part of our live coverage of FinovateSpring 2014.
Our next presenter is LendUp. The socially-responsible lender has earned investment from sources ranging from Google Ventures to Kleiner Perkins.
“LendUp is proud to enable partners to leverage the first RESTful API Lending Platform. We have exposed the same core platform that has built and launched LendUp’s diverse suite of consumer lending products and channels – a fully compliant mobile, web, or custom integration for consumer lending with a focus on market solutions to subprime or payday lending.”
Presenting: Sasha Orloff (CEO & Co-Founder) and Jacob Rosenberg (CTO & Co-Founder)
Product Launch: FinovateSpring 2014
Metrics: $20 million raised from Y-Combinator, Google Ventures, QED Investors, Data Collective, Andreessen Horowitz, Kleiner Perkins, Kapor Capital, Thomvest Ventures, SV Angel & Startfund
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B), through financial institutions, through other fintech companies and platforms, licensed.
HQ: San Francisco, California
Founded: November 2011
It is hard to believe that it is almost time for FinovateSpring 2014.
There’s still plenty of time for you to get your tickets to our upcoming event in San Jose, California on April 29 and 30. Our final Sneak Peek preview post is up, all the companies who were prepping under the radar are now out of stealth, and we can’t wait for you to see what this year’s spring crop of fintech entrepreneurs and innovators has in store.
Before we do, however, let’s take a moment to take a look back at last year’s FinovateSpring alums. As we scrolled through blog archives, several themes jumped out: the appetite for startups remains as passionate as ever, with three of our Spring 2013 alums being acquired by such financial sector potentates as Intuit and PayPal. And venture capitalists continue to see innovation in this space as a more than worthwhile investment, with 20 separate fundings for Spring 2013 alums
We’ve grouped the achievements into four categories: Exits, Fundings, Awards, and Acquisitions. Enjoy!
- Jack Henry buys Banno for undisclosed sum
- The rumors are true: eBay’s PayPal acquires Braintree for $800 million in cash
- Intuit buys tax planning/preparation specialist GoodApril
- TaxAct acquires Balance Financial
- CardFlight secures $1.6 million in seed funding from ff Venture Capital
- Encap earns seven-figure investment from ProVenture Seed
- EyeVerify earns $2.3 million in Series A funding
- Jemstep raises $4.5 million in Series A round
- Kabbage brings in $270 million in debt financing to provide small businesses with funding of their own
- Kabbage brings in $75 MIllion in debt financing
- Leaf raises $20 million from Heartland Payment Systems
- Alternative lender LendUp raises $14 million in new funding
- D3 Banking creator Lodo Software Brings in $3 million
- Narrative Science secures $11.5 million in Series C funding
- OpenCoin wins investment from Google Ventures, IDG Capital Partners
- P2BInvestor raises $1.2 million in Series A round
- PayNearMe leverages Family Dollar Partnership; raises $20 million
- PayNearMe raises $10 million in Series D funding, launches Express Merchant Onboarding Option
- Prestadero raises 5 million pesos ($400,000 USD) in first round of funding
- Quantopian raises $6.7 million in Series A round
- Realty Mogul raises $9 million in round led by Canaan Partners
- SeedInvest raises $2 million in crowdfunded investment campaign
- SeedInvest Raises $1 million in round Led by Jumpstart New Jersey Angel Network
- Zooz Closes $2 million Series A round Led by XSeed Capital
- OpenCoin acquires SimpleHoney
- Kofax acquires data integration software provider Kapow Technologies
- NICE to acquire Causata to enhance customer experience management
Cheers to a new year! After ringing in 2014, we wanted take a look back at the capital raised by Finovate alumni in 2013. It was quite a year, with alums pulling in $825 million, $365 million more than in 2012 for an increase of about 80%.
2013 funding summary:
- 62 companies raised $825 million
- Q4 had the most capital, with a total of $294 million raised by 17 companies (more than half by Xero, which landed $150 million).
- October was the busiest month, with $177 million raised (mostly Xero’s $150 million)
- May was second highest with $91 million raised by 7 companies
Last year Finovate alums took in almost twice as much as 2012, when 44 Finovate alums collectively raised
$460 million. The chart below shows the quarter-by-quarter comparison for both years.
— blog post
More than $155 million raised by 14 companies
January — $57 million raised by 6 companies
February — $56 million raised by 5 companies
March — $42 million raised by 4 companies
— blog post
More than $205 million raised by 15 companies
June — $81.7 million raised by 6 companies
May — $91.5 million raised by 7 companies
April — $32 million raised by 2 companies
— blog post
More than $171 million raised by 22 companies
July — More than $63 million raised by 8 companies
August — More than $26 million raised by 6 companies
September — $82 million raised by 9 companies
More than $294 million raised by 17 companies
October— $177 raised by 6 companies
November — More than $87 million raised by 7 companies
December — More than $30 million raised by 6 companies
Fresh off its announcement of having raised $14 million in capital, alternative lender LendUp has launched its iPhone app.
The app will enable borrowers on the go to get short-term loans of up to $250. Return customers can borrow as much as $1,000, with deposits available in as little as 15 minutes for borrowers at participating banks.
LendUp earned Best of Show honors earlier this year at FinovateSpring in San Francisco. See its winning demo here