Finovate Alumni News

On Finovate.com

  • Top Trends in Wealth Tech: From API-ization to Virtual Engagement

Around the web

  • Full Profile’s AgriDigital successfully executes its first settlement of an agricultural commodity on a blockchain, enabling real-time payment on title transfer for Aussie grain growers.
  • Strands to power PFM for Davivienda, a major Colombian bank.
  • OnDeck announces new $200 million revolving credit facility with Credit Suisse.
  • Georgia Heritage FCU and Wepawaug-Flagg FCU select Bankjoy to power their digital banking platforms.

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.

Fintech Favorites

Alt lending

  • On Deck Capital (F12), Kabbage (F15), and CAN Capital (F13) agree to disclose SMB loan pricing.
  • Lending Club (F09) partners with MileagePlus to offer borrowers and investors a way to earn award miles when they borrow or invest.
  • American Banker: Bizfi (F15) Hires Former Lending Club Exec as New CEO.

Fintech in Asia

  • Let’s Talk Payments projects AsiaPac as a clear winner in revenue growth in its fintech outlook for 2017.
  • Invest HK launches Hong Kong Fintech Week 7-11 Nov 2016 and features FinovateAsia 2016 on Tuesday, 8 Nov.
  • HSBC collaborates with Hong Kong Applied Science and Technology Research Institute Company to launch fintech R&D lab.
  • Ant Financial, which acquired Finovate Best of Show winner EyeVerify (F16) this year, invests in Thai mobile money innovator, Ascend. See EyeVerify at FinovateAsia this week in Hong Kong.
  • Shanghai-based China Foreign Exchange Trade System (CFETS) joins R3 consortium.
  • SBI Ripple Asia and Japan-based SBI Holdings introduce blockchain-oriented consortium of 42 Japanese banks and financial services institutions.
  • Fintech investment firm Senjo Group opens new global headquarters in Singapore.
  • Malaysia to expand funding options for SMEs with registration of xis’s new P2P platform operators scheduled to go live in 2017.

FinDEVr APIntelligence

FinDEVr Silicon ValleyFDNY17_EventLogo_v1(wdate) was a success! Tickets for upcoming FinDEVr London and FinDEVr New York are at their lowest prices now. Register today for London or New York to save your spot!

On FinDEVr.com

The latest from FinDEVr Silicon Valley presenters

  • BBVA chooses Amazon Web Services as its preferred cloud infrastructure services provider.
  • Extended partnership makes Yodlee’s data aggregation available via Backbase’s Open Banking Marketplace.
  • Hyperwallet announces support for real-time, push-to-card payments-solution,Visa Direct.
  • Full Envestnet | Yodlee Integration Give Advisers Big Picture View of Client Finances.
  • Modo to give the Bank of America access to its COIN Operated Digital Payments Hub.
  • Expensify launches direct integration with Zenefits.

Alumni updates

  • InComm launches new brand of solutions for cash-based consumers, VanillaDirect.
  • Temenos launches Digital Engagement modules to offer real-time customer marketing and engagement.
  • Bluefin Payment Systems launches cloud-based hosting option for its DecryptxPCI-validated P2PE product through Amazon Web Services.
  • Intuit expands partnership with PayPal to provide QuickBooks Online customers with a new way of accepting payments via PayPal.
  • Chain launches open-source edition of its distributed ledger, Chain Core Developer Edition.
  • Avoka earns a pair of “XCelent Awards” for service and breadth of functionality from Celent.
  • Trulioo announced that its GlobalGateway platform now reaches 60 countries.
  • On Deck Capital and Kabbage agree to disclose SMB loan pricing.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

H2 Ventures and KPMG Unveil 2016 Fintech 100

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.

Finovate Alumni News

On Finovate.com

  • Jumio Adds Biometric Facial Recognition to Netverify
  • Full Envestnet | Yodlee Integration Gives Advisers Big-picture View of Client Finances

Around the web

  • Modo to give the Bank of America access to its COIN Operated Digital Payments Hub.
  • Lending Club partners with MileagePlus to offer borrowers and investors a way to earn award miles when they borrow or invest.
  • On Deck Capital, Kabbage, and CAN Capital agree to disclose SMB loan pricing
  • Expensify launches direct integration with Zenefits.
  • Actiance now aids in compliance for Workplace by Facebook
  • Check out the results of the 20-month pilot Filene conducted with Larky.
  • ProfitStars adds Financial Performance Suite Customer Profitability and Pricing module to the Independent Community Bankers of America.

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.

FinDEVr APIntelligence

FinDEVrSV16-withdateOur FinDEVr New York developer showcase was a success! FinDEVr Silicon Valley will be held October 18 & 19 in Santa Clara. Register today to save your spot!

Check out our latest FinDEVr Previews featuring:

The latest from FinDEVr New York and upcoming Silicon Valley presenters

  • Visions FCU signs with MX for money-management app.
  • OnDeck launches marketing campaign featuring Shark Tank judge Barbara Corcoran.
  • Inside Expensify’s New Concierge Bot.
  • Lleida.net Calls New Patent a Turning Point.

Alumni updates

  • Entersekt listed among 100 most promising African fintech companies of 2016.
  • Aurionpro joins Temenos MarketPlace.
  • Avalara Raises $96 Million in New Funding.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

Finovate Alumni News

On Finovate.com

  • Financeit Recruits CFO from Capital One Canada
  • Wave Mechanics: FT Partners Report Highlights Trends Driving Rise of Insurtech

Around the web

  • Fiserv inks deal with FCTI to provide transaction processing for 8,000 ATMs in 7-Eleven convenience stores in U.S. Video of Fiserv’s recent live demo from FinovateFall is now available.
  • NCR launches cloud-based developer portal.
  • ACI Worldwide and Vocalink partner to provide real-time payments solution.
  • Let’s Talk Payments interviews Tom Burgess, Linkable Networks founder and CEO.
  • Visions FCU signs with MX for money-management app.
  • Zopa releases its first-ever rating of a batch of securitized Zopa loans.
  • Sezzle Wins $10,000 from Securian in Minnesota Cup Startup Competition.
  • Aurionpro joins Temenos MarketPlace.
  • OnDeck launches marketing campaign featuring Shark Tank judge Barbara Corcoran.
  • RightCapital launches Leads, a tool to help financial advisers turn leads into clients.

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.

Fintech Trending: Alt-Lending Woes, Asia Grows and Everbank Exits

A look at the trending topics of the past two weeks.

Trending highest: No Lush Life for Alt Lenders

LushLIfe_Coltrane_albumcoverIf unanimously positive perceptions are the hallmark of a bubble, then rest assured that the alt-lending market has moved past that stage. For every headline-grabbing C-level departure at Lending Club (F09)—CEO Renaud Laplanche stepping down in June, CFO Carrie Dolan announcing her resignation in August—there are successes: Prosper (F09) revealed its plan to sell $5 billion in loans to a group of private investors over the next two years; small business lender OnDeck (F12) surpassed earnings expectations despite its second consecutive quarterly loss and reported year-over-year quarterly revenue gains, as well as a year-over-year increase in loans under management of 47%.

So if there’s no bubble in the alt-lending part of the fintech universe, should we fear a bust? Diverging fortunes among these companies is a good sign. The more the fates of alternative lenders are linked to the decisions of individual corporate leaders, their business plans, and their customers rather than investing trends among venture capitalists (or hedge funds in the case of alt lenders gone public), the better. Looking at the P2P lending market in the U.K., LendInvest CEO Christian Faes told Business Insider, “Over the next few years, the businesses that can prove they can make a profit will be the ones [still] around in another ten years, making a lasting impact on finance.” In other words, just like any other business.

For Lending Club, the challenge is diversifying away from “fickle funding sources.” In addition to Prosper’s $5 billion move, Social Finance went so far as to launch a hedge fund, the $15 million SoFi Credit Opportunities Fund, to purchase its loans as well as those of its competitors.

  • OnDeck Loan Originations (And Loan Loss Provisions) Soar – PYMNTS.com
  • OnDeck Defends Strategy After $17.9 Million Loss – American Banker
  • Online Lenders Have a Tough Job Ahead – Wall Street Journal
  • The U.K.’s historically low interest rate could benefit alternative lenders – Business Insider
  • Lending Club’s latest results tell us a lot about the online credit business model – FT Alphaville

Other trending topics

Fintech Advances in Asia
While investors have been bullish on the tech scene in Asia for some time, a slew of new reports appeared this month. TechCrunch recently reported that in 2015 and the first half of 2016, fintech accounted for 21% of all VC funding in Southeast Asia. In a recent blog post, Trulioo (F15) said that fintech startups in Asia garnered $4.5 billion in 2015, triple what European fintech firms received during the same period. Recent developments include:

It’s no coincidence that Finovate is returning to Asia now to bring the innovators together in one place. Join us November 8, 2017, in Hong Kong for FinovateAsia 2016 as we showcase the latest and greatest.

Blockchain Developer, UNICEF Wants YOU!
The United Nations Children’s Emergency Fund is looking for a developer interested in using blockchain technology to help “solve the problems of the developing world.” Interested parties can find out more about the position here. And if the combination of blockchain and the developing world sounds familiar, it may be because you’re thinking of recent Finovate Best of Show winner BanQu (F16) which has developed a blockchain-based identity platform that promotes financial inclusion and empowerment among the underbanked, including refugee populations.

Hello, It’s Me: Voice Auth Comes to Barclays
Barclays adds instant voice authentication for all 12 million retail customers, ending 30 years of maneuvering through tedious telephone prompts and redundant authentication questions. – Bank Innovations

Everbank’s Awesome Exit
1990s digital banking pioneer Everbank exits for $2.5 billion in sale to TIAA. After PayPal (F12), this is the most successful fintech company to come out of the original 1990s dot-com era. – PYMNTS.com

Mastercard on the Move
Early Warning’s clearXchange saw some growth as of late. Mastercard, which announced this week that its Mastercard Send U.S. debit cardholders can send and receive money through the clearXchange network. Fiserv (F16) will also become a distribution partner for clearXchange, leveraging the partnership to provide a turnkey solution for banks.

Speaking of Mastercard, the company is looking at the newly announced partnership between PayPal and Visa (FD14), with an eye toward striking a similar deal. Finextra talked with Mastercard CEO Singh Banga who said it will be “important for Mastercard to provide something in addition to what Visa’s offered” as Mastercard “doesn’t have as much to offer PayPal” as Visa did because it has fewer consumers.

Azimo Goes Social
London-based Azimo (F13) took a step toward facilitating P2P payments by launching money transfers via Facebook Messenger. Interestingly, the transfer is initiated within the Azimo app (via Facebook integration) and completed in Facebook Messenger.

Insurance for Everything
Insurance startup investors are betting big that the smartphone platform allows a new breed of insurance products to flourish, so-called insurance on demand. The classic example is an alert when arriving at the airport asking if you would like to buy travel insurance. But the bigger market automobile/motorcycle policies are offering coverage only when you are using the vehicle. Our Insurance for Everything example of the week? On-demand insurance for your drone courtesy of Verifly. – Techcrunch

Also keeping our eyes on …

  • On August 2, 2016, Bitcoin dropped 20% after $70M worth of bitcoin (around 12,000 BTC) was stolen from Bitfinex exchange. The company is now offering a reward of up to $3.6 million for the recovery of the digital currency. Bitfinex said it has taken “significant steps” to improve its security, and resumed trading on its platform on Thursday, August 10. – TechCrunch
  • The U.K.’s FCA has granted app-only bank Mondo a banking license, thereby joining the ranks of neobanks Atom Bank, Tandem, and Starling. – The Financial Times
  • “An Interview with the Inventor of the Credit Card Chip Reader” – The New Yorker
  • “The Dawn of the Virtual Assistant” – The New York Times

Parentheticals after a company name refer to the year of their most recent Finovate or FinDEVr conference appearance (F = Finovate, FD = FinDEVr).

FinDEVr APIntelligence

FinDEVrSV16-LogoV2(wdate)Our FinDEVr New York developer showcase was a success! FinDEVr Silicon Valley will be held October 18 & 19 in Santa Clara. Register today and save.

On FinDEVr.com

  • Avalara Adds New Stripe Integration, Earns Dual Honors at American Business Awards
  • Apply Now to Present at FinDEVr Silicon Valley 2016!

The latest from FinDEVr New York 2016 presenters

  • Canadian Government Selects OutsideIQ to Bring DDIQ to Brazil and London
  • Wired UK profiles Fidor, “the fintech bank run by its customers.”
  • OnDeck launches Accountant Advisor Program to help accountants arrange financing for their small business clients.

Alumni updates

  • Major update to Xero’s online invoicing technology to help businesses avoid phishing scams.
  • Fintech profile interviews Snehal Fulzele, Cloud Lending CEO.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

Finovate Alumni News

On Finovate.com

  • Klarna Raises $35 Million in ‘First Small Step” into Debt Financing
  • D3 Banking Brings in $10 Million from West Partners
  • LendingTree Launches CRA-Eligibility Tool
  • Encap Security Acquired by Client, AllClear ID
  • Avoka Locks in $12 Million in New Investment

Around the web

  • Banco CTT goes live with customer onboarding solution developed by Novabase.
  • Canada’s ATB Financial and Germany’s ReiseBank use Ripple to complete world’s first banking transfer using blockchain.
  • Wired UK profiles Fidor, “the fintech bank run by its customers.”
  • Asseco South Eastern Europe (SEE) named a Representative Vendor in Gartner’s report on open unified digital banking platforms.
  • Fortune.com’s list of the five hottest companies in fintech features alums Kensho and Ripple.
  • Kasasa’s MoneyIsland money-management game for children ranks among iTunes’ most popular apps.
  • Chip-Chap bitcoin marketplace leverages SafetyPay as a payment method.
  • OnDeck launches Accountant Advisor Program to help accountants arrange financing for their small business clients.

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.