Finovate Alumni News

On Finovate.com

  • “Finovate Debuts: Test Driving iBank Marketing’s Wallet+””
  • “Fintech Trending: Making Fintech Great Again?”

Around the web

  • LendingTree acquires credit card comparison and education provider, CompareCards.
  • Fiserv adds new UX and UI to its Unified Wealth Platform.
  • Featurespace earns ranking in Deloitte 2016 U.K. Technology Fast 50.
  • Forrester Research names Vantiv a leader in its report on global commerce payment providers.
  • The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) grant Turnkey Lender a fintech award in the SME category.
  • CustomerXPs ranked 31 on the Deloitte Technology Fast 50 India 2016.
  • LiftForward lands $100 million in debt capital.

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.

Marketplace Lending Power 20 List Honors 8 Alums

Power20This week, small business lender Mayava Capital honored the most influential people in small business lending in its Marketplace Lending Power 20 awards.

Representatives from eight Finovate alums were ranked among the group who are, as Mayava puts it, “redefining lending, resurrecting small businesses across the country, and consequently rebuilding the American economy, one loan at a time.” For more information about the awards, check out What Powers the Power 20.

The recipients in order of rank:

Lending Club CEO and Founder Renaud Laplanche
Rank: #1

Lending Club’s FinovateSpring 2009 demo

Prosper CEO Aaron Vermut
Rank: #5

Prosper’s FinovateSpring 2009 demo

OnDeck Capital CEO Noah Breslow
Rank: #8

OnDeck’s FinovateSpring 2012 demo

OnDeck’s FinDEVr New York 2016 presentation

Kabbage COO and Co-founder Kathryn Petralia
Rank: #9

  • Has grown to 80 employees since launching in 2009
  • Has gained 100,000+ customers
  • Has furnished almost $1 billion in loans

Kabbage’s FinovateSpring 2015 demo

Kabbage’s FinDEVr San Francisco 2015 presentation

Credit Karma CEO and Founder Kenneth Lin
Rank: #10

  • Ranked a top-free finance app in iTunes
  • Serves 50+ million users
  • Founded in 2007

Credit Karma’s FinovateSpring 2009 demo

LiftForward President and CEO Jeffrey Rogers
Rank: #17

  • Has secured credit facilities of up to $250 million
  • More than 70% of the company’s SMB borrowers return for a second loan

LiftForward’s FinovateFall 2015 demo

Patch of Land former CEO* and Co-founder Jason Fritton
Rank: #18

  • Formed the idea of the company in 2011 to help Chicago recover from the real estate crash
  • Since launching in 2013, has funded 217 loans totaling $97 million
  • Has returned $25 million to investors

Patch of Land’s FinovateFall 2014 demo

Lendio CEO and Founder Brock Blake
Rank: #20

  • Has helped more than 500,000 small business owners secure loans since launching in 2005
  • Holds a database of more than 3,500 active U.S. lenders
  • Recognized as one of Utah’s fastest growing companies in 2011

Lendio’s FinovateSpring 2011 demo


*Just this week Patch of Land appointed Paul Deitch, former managing director of Oaktree Capital Management, to take Fritton’s place as Patch of Land CEO.

Finovate Debuts: LiftForward Allows Clients to Offer Risk-free Purchase Financing

LiftForwardHomepage

Never buy another device. Never own a computer again. While sounding like a Luddite’s mantra, these statements are the basis for LiftForward’s new platform.

LiftForward launched in 2013 as a marketplace loan platform where investors lend small businesses up to $1 million. This lending platform is the basis for the company’s TaaSLift, a technology-as-a-service platform that enables LiftForward clients to finance product purchases for their end customers.

Using this model, businesses pay a flat monthly fee and avoid tying up capital and dealing with asset depreciation schedules.

Company facts:

  • 10 employees
  • Founded 2013
  • Headquartered in New York City, New York
  • Funding:
    • $2.3 million Series A, Aug 2014
    • $2 million debt financing, Aug 2014
    • $7M million debt financing, Mar 2015
    • $250 million debt financing, July 2015

Microsoft case study

LiftForward’s recent partnership with Microsoft illustrates how business clients use TaaSLift to offer financing. While Microsoft has long offered subscription versions of Office software, the company was eager to set up a similar model with its hardware, specifically the Surface Pro 4 and Surface Book.

The screenshot below shows how users select their device type, subscription term, and quantity.

LiftForwardMicrosoft-01-taas-landing-page

At the end of the term, customers return the device, exchange it for a new one, and begin a fresh term. The key benefit to Microsoft is that the technology-as-a-service, by making upgrades much easier, increases the lifetime value of the client.

LiftForward handles all financial aspects. Customers enter their information and financials on a co-branded platform. Once the information is collected, the underwriting process begins.

LiftForward-Microsoft-03-business-info-form

LiftForward not only underwrites the loans using its proprietary LiftSCORE, but also funds the loan and bears the risk. The screenshot below shows a high-risk application in the underwriting platform.

LiftForward-Underwriting-Scorecard-01-high-risk

After LiftForward approves the request, the customer e-signs online documents, and Microsoft ships the devices together with a membership card, software, warranty, and accessories.

The TaaS platform flexibly scales quantity. It can service a small company in need of two computers or a school that requires two million.

What’s next?

While LiftForward’s current product targets businesses, a direct-to-consumer offering is in development.

LiftForward’s CEO Jeffrey Rogers and CTO Michael Grassotti showed TaaSLift at FinovateFall 2015:

 

Finovate Alumni News

On Finovate.com

  • “Finovate debuts: LiftForward Allows Clients to Offer Risk-free Purchase Financing”
  • “Trizic raises $2 Million to Help Advisers Compete with Algorithms”

Around the web

  • Financial Planning speculates about Personal Capital’s future.
  • Utah Business Magazine names Lendio one of the best companies to work for in Utah for the third consecutive year.
  • Arroweye Solutions selected to provide prepaid card production and personalization services for The Members Group.
  • Microsoft partners with Boku for carrier billing.
  • Financial Times mentions MaxMyInterest (paywall).
  • Wealthforge one of three winners of the UBS Future of Finance Challenge.

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.

LiftForward Debuts Technology-as-a-Service Marketplace-loan Platform

This post is part of our live coverage of FinovateFall 2015.

LiftForwardLogoThen, LiftForward debuted TaaSLift, a Technology-as-a-Service Marketplace-loan Platform:

LiftForward’s marketplace-loan platform is the basis for the launch of its new Technology-as-a-Service platform, TaaSLift, for corporations, manufacturers, suppliers and retailers. TaaSLift provides a plug-and-play method for businesses to offer their small business product as a service.

This month, Microsoft launched its first TaaSLift program, providing members with software, support and a new Surface Pro III every 12, 24, or 36 months. By replacing expensive, one-time purchases with affordable subscriptions, TaaSLift helps companies increase sales while strengthening customer relationships.

Presenters: LiftForward CEO Jeffrey Rogers and CTO Michael Grassotti

IMG_0518

IMG_0515

Product launch: July 2015
Metrics: LiftForward capitalization: $2.3 million, Series A, August 2014; $2 million debt financing, August 2014; $7 million debt financing, March 2015; $250 million debt financing, July 2015; 10 employees
Product distribution strategy: Direct to business (B2B); through financial institutions; through other fintech companies and platforms

HQ: New York City, New York
Founded: September 2013
Website: liftforward.com
Twitter: @LiftForward

FinovateFall Sneak Peek: LiftForward

LiftForwardHomepage

FF2015_logo_dateThe Sneak Peek series looks at the innovators demoing live onstage in front of 1,500 execs at FinovateFall. Get your tickets today and we’ll see you in New York, 16/17 September!

LiftForwardLiftForwardLogo will show its technology-as-a-service financing platform for manufacturers, suppliers, and retailers. TaaSLift provides a plug-and-play method for businesses to offer their small-business customers products-as-a-service.

Features:

  • Turns a one-time purchase into a subscription service
  • Increases sales and repeat purchases
  • Increases customer loyalty

Why it’s great
By replacing expensive, one-time purchases with affordable subscriptions, TaaSLift helps companies increase sales while strengthening customer relationships.

LiftForwardPresenter1Presenters

Jeffrey Rogers, CEO
Rogers has more than 20 years of experience in building companies. His disciplines include technology, e-commerce, finance and operations.
LinkedIn

LiftForwardPresenter3Michael Grassotti, CTO
Grassotti has more than 20 years of experience as a technology-focused entrepreneur with experience recruiting and leading tech teams, and taking products from idea to market.
LinkedIn

 

Finovate Alumni News

On Finovate.com

  • “FinovateFall 2015: Mapping Fintech’s International Neighborhood”

Around the web

  • Feedzai teams up with Socure to combine social biometrics with fraud-risk scoring. See Socure at FinovateFall 2015 in New York City next week.
  • Moven CEO Brett King joins the advisory board for Jumio.
  • Fiserv joins Visa, Citi, Nasdaq, and Capital One in $30 million funding of blockchain startup, Chain. Join Fiserv in New York City next week for FinovateFall 2015.
  • iSignthis confirms the adequacy of its KYC services for use by financial institutions in the U.S.

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.