Finovate Alumni News– September 26, 2012

  • Upstart Business Journal mentions Virtual Piggy, Waspit, & Kiboo as catering to young customers.
  • On Deck reaches 1 million daily debit payments.
  • Communication FCU enlists Tyfone to provide customers with mobile banking solution.
  • TRADESHIFT increases language support to 190 countries.
  • TIO hits $100M mark for mobile bill payments.
  • Boston Business Journal reports Linkable Networks raises $3.2M.
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.

On Deck Lands $100 Million

OnDeckLogo.jpg

On Deck Capital, a company making it easier for small businesses to get loans, announced today it raised almost $100 million.

Investors include:

    • Goldman Sachs 
    • Fortress Credit
    • SF Capital
    • Lighthouse Capital Partners

The funding will be used to make more loans, since demand has been increasing as of late. TechCrunch reports:

“On Deck has doled out $275 million in capital to SMBs and expects to cross $300 million early next month. What’s more, loan originations have increased by 50 percent in just the last four months.”

To learn more about On Deck, watch its FinovateSpring 2012 demo.

Finovate Alumni News– August 31, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgReadWriteWeb seeks advice from Candace Klein, SoMoLend CEO, on winning startup competitions.
  • Dwolla wins Startup of the Year, CEO Ben Milne wins Startup Exec of the Year in Silicon Prairie Awards.
  • Xero Touch wins a Mobie Award at the 2012 Australian Mobile Awards.
  • PC World interviews Ping Identity CTO, Patrick Harding.
  • SimpleTuition lands $5 million from Horizon Technology Finance Corp.
  • On Deck lands $100 mil.
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.

Finovate Alumni News– August 28, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgAmerican Banker reports Spreedly partners with Dwolla to let merchant clients accept the alt payments system.
  • Ping Identity opens new Canadian offices.
  • Check Point IPS recognized for outstanding security by NSS Labs.
  • TIO Networks partners with BAF Global Group to bring its bill pay technology to the Bahamas.
  • Fast Company explains how ReadyForZero helps users out of debt.
  • Netbanker looks at Simple’s messaging center.
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.

Finovate Alumni News– August 17, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgBen Milne, Dwolla CEO, speaks about payments during TedXDesMoines talk.
  • Los Angeles Times looks at how Kabbage, On Deck Capital, and Capital Access Network work in the microlending space.
  • Bloomberg Businessweek interviews Robert Frohwein, CEO of Kabbage.
  • On Deck celebrates 5th birthday, ranked number 302 on Inc. 500 list.
  • Bank Innovation’s impression of 6 Finovate demo-ers that promise new products.
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.

On Deck Celebrates 5th Birthday, Ranked Number 302 on Inc. 500 List

Thumbnail image for Thumbnail image for Thumbnail image for OnDeckLogo.jpg

Small business lender, On Deck Capital, announced its 5th birthday today.

In celebration of this milestone, the New York-based company provided insight into its history and growth over the past 5 years:

    • Its first two loans averaged $4,000
    • Currently employs over 100 people
    • Has delivered over $250 million to small businesses nationwide since its start in 2007

The graph below illustrates the growth of its loans over time.

OnDeckGraph.jpg

In addition to this news, On Deck was just ranked number 302 in the Inc. 500 list, where it divulged the following information:

    • It has grown more than 13x since 2008*
    • 2011 revenue of $19.5 million
    • 2011 employees numbered 96

To learn more about On Deck, watch its FinovateSpring 2012 demo.

*Inc. 500 rankings are based on a 3-yr growth percentage.

Quid Puts FinovateSpring Companies through its Big Data Algorithm

Quid, a San Francisco-based data analytics company, recently compared the FinovateSpring 2012 presenters against its database of 800 financial services companies. The following were determined to be the most unique and valuable (see methodology below): 
QuidBigDataIMG.jpg
Methodology per Quid:

First, we identified 800 financial services companies in our database hat have raised capital in the past few years, including all of the Finovate presenters. Then, we processed thousands of documents related o these companies (such as patents, job postings, filings, and press releases) to identify key terms and phrases used to describe them. We created the network map by connecting nodes (companies) by a line when here is an overlap in the key terms and phrases used to describe them. Next, we applied a clustering algorithm to detect emerging themes, revealed in the color key.

We then ranked the Finovate presenters by a network measure that filters for companies that are recombining existing technologies (a measure of innovation) and have raised high levels of capital (a measure of market worth). The top 7 companies are highlighted in the map, sized by innovation score.

FinovateSpring 2012 in the Press

Here’s a look at press coverage from FinovateSpring 2012 in San Francisco last week. For comprehensive coverage, be sure to check out Erin McCune’s live blog on PaymentsViews, which covers all 63 presenting companies:

Press.jpg

2 Minute Finance
2MF @ Finovate Spring 2012 Conference
by Bobby Lee
Link

BillGuard Demo @ Finovate Spring 2012 Conference (Day 1)
by Bobby Lee
Cardlytics Demo @ Finovate Spring 2012 Conference (Day 1)
by Bobby Lee
Concur Demo @ Finovate Spring 2012 Conference (Day 1)
by Bobby Lee
Flint Mobile Demo @ Finovate Spring 2012 Conference (Day 2)
by Bobby Lee
Mitek Systems Demo @ Finovate Spring 2012 Conference (Day 1)
by Bobby Lee
TIO Networks Demo @ Finovate Spring 2012 Conference (Day 1)
by Bobby Lee
WattzOn Demo @ Finovate Spring 2012 Conference (Day 1)
by Bobby Lee
Bank Innovation
5 Finovate Demo-ers’ News Catching Our Eye
by Mary Wisniewski

4 More Finovate Products We Like
by Mary Wisniewski

Bank Technology News
Best of Finovate Spring Day 1
by Penny Crosman
Best of Finovate Spring Day 2
by Penny Crosman

Dwolla Pitches Fast Fund Transfers, but Bank Participation is Vital
by Sean Sposito
Edo to Harness Payment Data to Spur Consumer Spending
by Victoria Finkle

WattzOn Helps Banks Help Customers Save on Energy Bills
by Sean Sposito

BankersLab Blog
CreditLab Launch: Reactions and Responses

BankNXT
Finovate, Simple, and Re-Imagining Banking Applications
by Bradley Leimer
Live at FinovateSpring 2012- day 1
by Jelmer de Jong
Live at FinovateSpring 2012- day 2
by Jelmer de Jong

BetaKit
CoverHound Debuts Comparison Tool for Auto Insurance 
by Cheronne Thurab 

Business Insider
Finally, a Mobile App That Helps You Save Money: Meet Urge
by Willy Staley

Business2Community
What Does $4.6 Billion in Coupon Savings Have to Do with Savvy Consumers?
by Andre Bourque

C’est pas mon idée!
FinovateSpring 2012: quoi de neuf?
by Patrice Bernard

Currency Marketing Blog
Four Conference in Four Days
by Tim McAlpine

Credit Union Times
MoneyDesktop Named Best of Show at FinovateSpring Conference
by Natasha Chilingerian

Daily Disruption
Flint Mobile Announces Beta Launch at Finovate and Closes $3 Million Round of Financing
by Tim Rygh

The Daily Guardian (BillGuard’s blog)
Financial Community Awards BillGuard Best Of Show at Finovate
by Maryanne

DCisions Blog
DCisions at Finovate Spring 2012
by Kritika Ashok

Des Moines Register 
Dwolla offers software for free
by Adam Belz

Des Moines Register Blog
Dwolla, Social Money earn praise at national banking conference
by Marco Santana

Exc
elsior
Kuspit, el primer Finovate mexicano
by Alicia Salgado

Experian Blog
Business IQ Express… what is the media saying?
by Roslyn Whitehurst 

FamZoo Blog
Finovate Winners
by Bill Dwight

Finextra
Flint taps phone cameras for card payments
SoMoLend closes $1.17 million seed round

Forrester Blog
Finovate Spring 2012: Digital Financial Services Innovation
by Tiffani Montez

FP Pad
[Video Spotlight] inStream Solutions CEO Alex Murguia at FinovateSpring 2012
by Bill Winterberg
[Video Spotlight] iQuantifi CEO Tom White at FinovateSpring 2012
by Bill Winterberg
[Video Spotlight] Sarah Carter of Actiance at FinovateSpring 2012
by Bill Winterberg

Iconowatch
Accelerating Innovation at Finovate 2012
by Hans Eisenbeis
Investment News
Personal Capital launches iPhone app
by Davis Janowski
Lazy Man and Money
What’s Hot and What’s Not from Finovate 2012
Mercury News
Money Goes Mobile 
Montreal Gazette
Montreal’s Wall Street Survivor teaches about investing
by Jason Magder
MyBankTracker
Can FinTech Stop You from ‘Showrooming?’
by Willy Staley
MoneyDesktop: How Personalized Deals Shine in PFM Tools
by Simon Zhen
Save Your Wallet, and Maybe the Planet, with WattzOn
by by Willy Staley
On Deck Capital Blog
Photo Journal: Our Finovate Demo
PaymentsNews
Highlights from Finovate Spring 2012 San Francisco 
PaymentsViews
Live Blogging Finovate Spring 2012 San Francisco
by Erin McCune
The Paypers
ZipZap rolls out CashCade payment service
PaySimple Blog
PaySimple at Finovate
by Sarah Jordan
PC World
New Web Apps and Services for Business
by Yardena Arar
QuidLabs
Finovate Best in Show
by Aliisa Rosenthal
SecurityPark.net
BehavioSec voted ‘Best of Show’ for biometric solution by audience at Finovate Spring, San Francisco
Silicon Prairie News
With upgraded FiSync, Dwolla cuts 3-5 day wait to real-time
by Michael Stacy
Silver Tail Systems Blog
Finovate Spring Demonstrates a Growing Richness in Online Interactions
by Laura Mather
Social Lending Network
Roundup of Social Lending News – May 12, 2012
by Peter Renton
TechCrunch 
Capital One Snags Mobile Savings Startup BankOns, Team Moving To Capital One Labs
by Sarah Perez
Flint: A New Mobile Payment App For Small Businesses Picks Up $3M From Storm, True Ventures
by Ingrid Lunden
How Personal Capital Wants To Bring Money Management Into The Internet Age [TCTV]
by Colleen Taylor
Nearing The 1M User Mark, Expensify Adds ‘Trips’ Feature To Mobile Apps
by Colleen Taylor
The Anti-Groupon? Edo Launches Real-Time Local Offers Platform, Tied To Your Bank Card For Instant Credits
by Sarah Perez
Tradestreaming
List Of Winners Of Top Fintech Conference, Finovate
by Zack Miller
World News (wn.com)
Instream Solutions Ceo Alex Murguia At Finovatespring 2012

On Deck Makes its Platform Available to Third Parties

OnDeckLogo.jpg

Next, On Deck demonstrated how it can help third parties calibrate the appropriate loan amount:
“On Deck’s technology is now available to third parties who want to leverage their own capital to reach small businesses. Third parties can connect their capital to the On Deck Platform to underwrite and service small business loans. 
Our technology will also harness small businesses’ digital information – such as online banking and cash flow information – in order to calibrate an appropriate loan amount. With our technology, these organizations will be able to vastly increase the number of small businesses they are able to service, while significantly decreasing the time required of small business owners to obtain capital.”
Product Launched: May 2012
HQ Location: New York, NY
Company Founded: 2007
Metrics: $200 million delivered to small businesses, 100+ employees
Introducing Noah Breslow (Chief Operating Officer), Tammy Halevy (SVP, Enterprise Opportunity) and James Hobson (SVP Strategic Partnerships & Platform Solutions)

IMG_1767.JPG
IMG_1764.JPG

Finovate Alumni News– April 19, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgCarahsoft Technology partners with Silver Tail Systems.
  • ARM Insight & IP Commerce close the loop on real-time offer redemption.
  • eToro updates its Android app with Social Cherry feature.
  • MoneyGram joins ZipZap’s U.S. payment center network.
  • Loyalty 360 interviews Tom Burgess, CEO of Linkable Networks.
  • Internet Initiative Japan launches Ping Identity’s Cloud Federated Authentication Solution.
  • Q2ebanking powers Penn Liberty Bank’s Android mobile banking.
  • On Deck announces the launch of Split Funding, a loan repayment method. See its live demo at FinovateSpring.
  • UPS recommends Kabbage for small business financing.
  • Forward Thinking explains how Mint’s mobile model has completely changed Intuit.
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.

FinovateSpring 2012 Sneak Peek: Part 2

Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for FS2012IMG.jpg

Here’s part 2 of the sneak peek of the companies that will demoing at FinovateSpring May 8 and 9 in San Francisco. Each company provided a short summary of the innovation they will debut on stage. We published 23 last week and we will complete the preview next week.
Don’t miss the opportunity to experience the hottest innovations in financial technology. Get your FinovateSpring ticket here.
__________________________________________________________________________

Thumbnail image for Thumbnail image for DCisionsLogo.jpg

InvestorBee puts data at consumers’ fingertips so they can make smart, confident investments.
  • It’s fact, not opinion. Users can tap into the database to learn from the experiences of nearly 1.5 million investors.
  • It’s an investment health check. Users can compare their portfolios and multi-asset products with fact-based, relevant benchmarks to understand whether they receive fair value.
  • It’s simple investing without guesswork. Users can choose an objective risk-based strategy to track that’s right for them in a few easy steps.
Users extract wisdom from the crowd to make better, simpler investment decisions – all for free at InvestorBee.
Innovation type: Investing, marketing, PFM

iQuantifiLogo.jpg

iQuantifi takes you way beyond budgeting! It helps you reach all your financial goals and tells you exactly how you can do it. No estimates. No calculators. Just solid advice and the power to do it all online.
Innovation type: Banking products, investing, PFM
Historically, investing in securities has been 
a difficult proposition for retail investors, 

Thumbnail image for Thumbnail image for kuspitLogo.jpg

mainly due to the lack of access to competitive products and the absence of user-friendly financial education tools.
This problem is exacerbated in emerging markets, where financial markets tend to be less developed.
Kuspit offers retail investors an online platform to learn about investing, apply what they’ve learned, and invest in the same platform. All of this is available in an easy and progressive manner, while sharing ideas with the community.
Innovation type: Investing, online, PFM

Thumbnail image for Thumbnail image for OnDeckLogo.jpg

The current infrastructure to deliver capital to Main Street businesses is broken. It’s simply too expensive for banks to manually analyze and underwrite a small loan – whether it is $10,000 or $100,000. As a result, banks make fewer loans, and creditworthy small businesses are denied the capital they need to grow. 
On Deck has created an efficient, effective and proven solution to this fundamental problem. By leveraging new digital sources of data, any institution can increase its small business lending through the On Deck platform, delivering funding decisions in minutes rather than weeks.
Innovation type: Lending, payments, small business

PaySimpleLogo.jpg

PaySimple is launching an innovative platform for banks to set up their own private-labeled version of cloud-based receivables automation. With this platform, banks of all sizes can easily bring to market a sticky value-added offering to attract and retain small business members, while adding a new revenue stream. 
PaySimple will demonstrate how banks can set up custom-branded software in a few simple steps and how small businesses can immediately benefit from a system that combines payment acceptance across channels integrated with customer management.
Innovation type: Online, payments, small business

PortfolioFootballLogo.jpg

Portfolio Football is a first-of-a-kind application that addresses the need for financial planning and literacy through gamification. Portfolio Football plays on the popularity of American Football and the adoption of fantasy sports into the lives millions. It makes financial management competitive, fun and easy to understand, while providing users with a powerful tool for personal finance and portfolio management. It’s a true “game changer.”
Innovation type: Investing, Online, PFM

Thumbnail image for Thumbnail image for saveupLogo.jpg

With 80% of Americans between the ages 20-40 now using social media and playing social games, how can financial institutions reach their customers in new ways?
Introducing SaveUp – an innovative program that uses game mechanics to reward good financial behavior. When users save money and reduce debt, they earn credits to play for prizes like cars, travel, and cash up to $2 million.
Financial institutions can use a customized SaveUp experience to help their customers make better financial decisions, increase engagement, and cross-sell products. Current FI partner campaigns have conversion rates of up to 44%.
Build a deeper relationship with your customers while helping them succeed.
Innovation type: Marketing, rewards

Thumbnail image for SoMoLendLogo.jpg

SoMoLend makes investing in your online community simple, affordable, and social. SoMo is an online platform that uses patent-pending lending technology executed within a hyper-localized geographic scope to connect small business borrowers with individual and organizational investors.  
SoMo’s user-friendly technology allows business borrowers to raise capital from friends and family, customers and community supporters as well as from Facebook, Twitter and LinkedIn connections. Investors lend money directly to borrowers through the SoMo platform, which then packages the loans and sells them as notes, bypassing banks and credit-card issuers.
Innovation type: Investing, lending, small business

ThomsonReutersLogo.jpg

Thomson Reuters is pleased to introduce their new App Store solution that enables access to the latest innovative capabilities and tools for use across the digital enterprise. Thomson Reuters’ solution makes it easy for financial institutions and third-party developers to create and integrate pioneering market monitoring and investing apps. 
By seamlessly enabling the combination of Thomson Reuters content, firm’s customer account data and firm’s internal and other data sources, Thompson Reuters is helping institutions leverage the providers of financial content. This delivers a differentiated experience for their customers while lowering both development costs and time to market.
Innovation type: Investing, marketing, mobile, online, PFM

ZipZapLogo.jpg

Approximately half of the world’s population are cash-preferred consumers (unbanked, underbanked, teens or privacy-concerned) and have no bank account or limited access to traditional financial services. eCommerce merchants have not had a way, until now, to monetize this segment of consumers simply missing out on the substantial revenues they represent.
ZipZap will unveil the latest innovations in global cash transaction solutions for eCommerce merchants. CashCade ensures no more lost revenue from card-based transactions being declined, while CashPayment enables consumers worldwide to make payments for online purchases at offline locations using cash.
Innovation type: Back office, payments

On Deck Launches On Deck Express, Loans Up to $25,000 in as Fast as 24 Hours

OnDeckLogo.jpg

Earlier this week, On Deck Capital launched a new way for small businesses to quickly access loans up to $25,000.

Here’s how it works:

“Business owners set up their online profile at www.ondeckcapital.com and immediately get free insights into their credit profile and cash position. The On Deck Express application and approval process is completely automated, and once approved the business owner is empowered to select from available term and loan options that best meet their business needs. From there, On Deck’s funding process enables a business owner who is approved Monday morning to have their funds deposited in their account by Tuesday.”

For small businesses that need more funding, On Deck provides loans up to  $150,000 in up to seven days.