Finovate Alumni News


  • “Nearex Closes Series B Funding”
  • “Avalara Integrates Automated Sales Tax Solution with Stripe”
  • “Finovate Debuts: itBit’s Regulated Bitcoin Trading Platform”

Around the web

  • American Banker article notes Vouch is bringing social connections back into lending in the 21st century.
  • Xero updates Tracked Inventory feature.
  • Cachet Financial Solutions partners with risk-management software company Advanced Fraud Solutions.
  • Kansas City Business Journal considers how Tradeshift is igniting renewed interest in its new partner, C2FO.
  • TechCrunch: “App Annie Integrates with Google Analytics, Launches Free In-App Analytics for Developers”
  • Insuritas to power multistate insurance agency solution for Enterprise Bank.

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.

Nearex Closes Series B Funding


Singapore-based Nearex, a proximity-transaction solutions company, received an undisclosed amount of funding in a Series B round today. This marks the second round of funding Nearex has received from a group of investors, led by Tata Capital Growth Fund LP. Existing investors also contributed to the new round, including Japan-based BEENOS Asia and Xinvesco.

The company, which specializes in contactless micro payments, debuted Xip at FinovateSpring 2014 in San Jose. Xip’s micropayments solution offers merchants a tiny mobile point-of-sale terminal, called a XipPOS, that communicates with the consumer’s Mobile Money account via a personalized NFC sticker, XipTAG, to initiate a contactless payment.

The hardware integrates with existing mobile wallets. Nearex’s target clients include financial institutions and other mobile money service providers.

Finovate Alumni News– May 23, 2014

  • Finovate-F-Logo.jpgSilicon Republic reports: Disruptive banking service Holvi gets regulatory approval to spread across Europe.
  • Cardlytics named one of the Georgia Fast 40, which honors GA-based companies that sustain growth over a 3 year period.
  • CBS 12 News features Arxan’s security tech.
  • miiCard partners with eMerchantPay to offer merchants a more secure, compliant transaction processing solution.
  • Bank Innovation speculates on potential new features from GoBank.
  • Finovate alums Fenergo and Thomson Reuters win recognition from Inside Reference Data Awards.
  • Virtual Agent Chat takes a look at IntelliResponse’s OFFERS as a form of “just in time marketing.”
  • Bloomberg BusinessWeek sources Scott Goldman, CEO of TextPower, on the eBay data breach.
  • Deutsche Startups interviews Numbrs CEO, Julien Arnold.
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.

Nearex Launches Xip, a Micropayment Cash Alternative for Day-to-Day Transactions


This post is part of our live coverage of FinovateSpring 2014.

All the way from Singapore, here is the team from Nearex, demoing the Xip Micropayment System:

“The Xip Micropayment System harnesses the widespread presence of mobile phones and rising use of mobile money to create an affordable, simple-to-use cash alternative for all kinds of day-to-day payments.
At the core of the solution is XipPOS for merchants, a low cost credit card size Mobile POS that has its own GSM radio core. It is highly portable, ruggedized, and uses NFC for contactless transactions. The consumers are given XipTAG, a personalized NFC card or sticker connected to their Mobile Money account. Payments are made by simply tapping XipTAG on the Xip POS. The existing mobile phone of the consumer is used as the acknowledgement interface. A cloud-based mediation server facilitates easy scaling and highly secured integration of Xip within a wide range of mobile money and banking environments.
XipPOS can be used individually by small merchants or easily integrated to meet the sophisticated demands of multi-outlet, multi-till retail establishments.”

Presenting: Mayank Sharma (CEO) and Arun Tanksali (CTO)

Product Launch: April 2014
Metrics: $1 million raised to date
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms

HQ: Singapore
Founded: December 2012