Finovate Alumni News

On Finovate.com

  • “CoverHound Completes $33 Million Series C”
  • “Trading Ticket Picks Up $4 Million in Seed Funding from Citi, Valar Ventures”

Around the web

  • Engage Financial Technology, formerly OnBudget, powers BBVA’s new ClearSpend mobile budgeting app.
  • Eastern Bank to pilot Stratos partner program.
  • PYMNTS considers BlueVine’s approach to factoring.
  • CellTrust named a finalist for Arizona Technology Council’s 2015 Governor’s Celebration of Innovation Awards.
  • SecureKey brings its SecureKey Concierge authentication and ID verification service to the U.S.
  • Temenos executive James Redfern joins eWise as Global Head of Sales.
  • Geezeo unveils new API website with revised REST API and .NET SDK.
  • ShopKeep acquires Ambur, an mPOS software specialist.
  • TIO Networks forms TIO Telecom Solutions, a new division focused on the needs of network operators.
  • ThreatMetrix experiences 50% increase in mobile volume since Sep 2014.
  • Kanto X hits $2+ billion in currency-exchange transactions.
  • Check Point and AirWatch partner to secure the future of the mobile enterprise.
  • 7-Eleven and PayNearMe launch PayNearMe Bill Pay app, a full-service bill-payment 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.

CEO Interview: Jim Collas of OnBudget

CEO Interview: Jim Collas of OnBudget
OnBudget_hi_res_FS2014

We recently caught up with Jim Collas, founder, president, and CEO of OnBudget. The San Diego-based company made its Finovate debut at our Spring show, demoing its Budgeting Solution.

OnBudget takes the tried-and-true Envelope Budgeting System used by our parents and grandparents and updates it for the 21st century. The technology consists of a prepaid card for daily purchases and a mobile app that automatically sets up a budget.

JimCollas_OnBudget_headshot
Finovate: You demoed OnBudget at FinovateSpring in April. What was the question you heard most frequently from attendees?
Collas: The most frequently asked question from people who saw us at Finovate was, “How is this different from other PFM tools, like Mint.” 
It’s a good question, and rather than focus on a person’s total financial life, OnBudget is completely focused on daily living expenses. Since the OnBudget platform is connected directly to the prepaid card processing systems, we get real-time transaction information, which allows us to present real-time notices and trends, including a “Left to Spend” amount for each budget category that’s always up-to-the-second accurate.
Beyond that, it’s effortless to set up. Unlike most PFM tools, a user doesn’t have to input any account information or spending data. Perhaps most importantly, it uses the prepaid card as digital envelopes, which is a huge consumer trend for segmenting, tracking and controlling spending.
OnBudget_homepage
Finovate: Any news to report since April’s FinovateSpring?
Collas: At OnBudget, we have shifted our focus exclusively to private labeling the solution for bank partners and distributing through the banking channel. We’re primarily focused on banks with assets of $10 billion and above, whose debit profits have been severely affected by the Durbin Amendment. We have significant traction with our Business Development activities and we are currently in discussions with 15 of the top 50 U.S. banks.
Finovate: What is the best way for people new to OnBudget to understand how your technology helps people better manage their finances?
Collas: People seem to get the concept and how it can hep them when we describe the service as the digital version of the Envelope Budgeting System: where a prepaid card replaces physical envelopes and the mobile app tracks various spending categories (i.e. envelopes) in real-time.
OnBudget_homepage2
Finovate: OnBudget is different from other prepaid cards because it’s free. What’s the catch – how does OnBudget make money.
Collas: Like all prepaid cards, OnBudget Card makes money on interchange fees. What sets us apart is that our mobile app motivates and compels users to use the card for all their daily living expenses, which generates significant revenues.
The average U.S. household spends $1,800 per month on the categories we track for them, which is 38% of total household spend. That generates monthly recurring interchange revenue of $22 per month per account.
Finovate: How does OnBudget remove the pain from the traditional budgeting process?
Collas: It’s effortless to set up and manage a budget. The cardholder just uses the card for 30 days and the app automatically categorizes transactions, tracks the user’s spending, and then suggests a budget for each of their budget categories. To adjust their budget, users can use our simple budget balancer, a slider tool that easily adjusts budgets. Meanwhile the card continues to auto-categorize spending and offer insights with no additional effort required.
OnBudget_homepage3
Finovate: You’ve mentioned that the number one reason consumers use prepaid cards is to help them budget. Why do you think this is the case?
Collas: Prepaid cards have a high propensity to help consumers budget because they are a physical metaphor for and follow the same dynamic that makes the Envelope Budgeting System so popular. Segmenting by spending buckets (envelopes) that are easily trackable makes it easy to understand and simple to use.
Finovate: Do you view OnBudget as a competitor of banks or as a more complementary solution?
Collas: Since we’ve shifted our focus to partnering with banks, it is totally complementary. In fact, we believe it’s really compelling way for banks to regain their competitive advantage in prepaid and debit, as well as recover lost Durbin revenue. 
It also increases debit spend per household from $843 to $1,596. Banks can quadruple debit revenue on an average of roughly 90% increase in spending.
Finovate: What can we look forward to seeing from OnBudget in the second half of 2014 and into 2015?
Collas: We will be launching a version of a student and teen card, and we will be launching our private-label service with our first bank partners later this year.
Learn more about OnBudget. Watch their live demo from FinovateSpring 2014 here.

OnBudget’s Latest Technology Gives Customers a Virtual Envelope Budgeting System

OnBudget’s Latest Technology Gives Customers a Virtual Envelope Budgeting System
OnBudget_hi_res_FS2014

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

Our next presenter is the team from OnBudget with a 21st century wrinkle on an old school budgeting strategy.

“OnBudget combines a free, simple-to-use app with a free (& totally fee-free) household Budget Card that links to a user’s checking or savings account. Users effortlessly set up and manage budgets, track spending and view spending trends in real time by category. The OnBudget platform analyzes transactions, identifies trends and interacts with users in real time, becoming an instant virtual “envelope budgeting system” that helps banked customers manage daily living expenses, It’s uncomplicated, intuitive, real time, habit-forming and, best of all, totally free.”
Presenting: Jim Collas (CEO & President) and Mike Corrales (VP Marketing)

Product Launch: November 2013
Product distribution strategy: Direct to Consumer (B2C), through financial institutions, licensed
HQ: San Diego, California
Founded: 2012
Website: onbudget.com
Twitter: @On_Budget

FinovateSpring 2014 Sneak Peek: Part 6

FinovateSpring 2014 Sneak Peek: Part 6

Thumbnail image for FinovateSpring2014ButtonLogo.jpg

Welcome to the finale of our FinovateSpring 2014 Sneak Peek series. If you’re just joining us, then you might want to check out the previous five installments of our Sneak Peek (see below). There’s no better way to get to know the entrepreneurs and innovators who will be demoing on the Finovate stage on April 29 and 30 in San Jose.

You can find out more about our upcoming event – including our new location and locale – on our FinovateSpring 2014 page here.

Today we wrap up the series with eight more companies, starting with transaction management specialist Avoka and ending with WePay, an innovator in risk analysis for merchants, crowdfunders, and software makers. In between, we’ll talk security and digital currencies, alternative lending and credit decisioning, credit card vaults and Insurance Buying 3.0.

Enjoy!

Avoka_lo_res_logo
Avoka TransactWEB – an Omni-Channel 2.0 customer transaction experience form the leaders in SmartForm & Transaction Management.
Features:
  • Omni-Channel 2.0 – Seamless crossover between channels in a single transaction
  • Integration with ID verification and signature services for maximum convenience
  • All delivered without programming
Why it’s great:
Avoka TransactWEB delivers an Omni-Channel 2.0 experience for account opening, loan origination, etc. without programming.
Presenters:
Phil Copeland, CEO and Co-Founder
Phil is responsible for the company’s business strategy and worldwide operations.
Jeff Kalicki, Account Manager
Jeff is comfortable presenting technology to all levels of business, as well as leading architecture discussions.

Coinbase_lo_res_logo

Coinbase is a bitcoin wallet and platform where merchants and consumers can transact with the new digital currency bitcoin.
Features:
  • The ability to debit customers for a more convenient checkout experience
  • The ability to set individualized merchant permission controls via API keys
  • The ability to use recurring billing
Why it’s great:
Coinbase offers innovative tools that allow merchants to accept bitcoin payments easily and securely.
Presenters:
Roger Gu, Business Development Manager
Roger leads payment partnerships at Coinbase. He previously worked in Strategy and Development at Visa and in Investment Banking at Marcum Cronus. Roger holds an A.B. in Economics from Princeton.
Nahid Samsami, Business Development Manager
Nahid previously worked as a senior product manager at Playdom, acquired by Disney Interactive. She began her career at Bain and Company and holds a degree in Economics from Stanford University.

CUneXus_Solutions_lo_res_logo

CUneXus’ unique lending platform integrates at all digital and physical touch points, delivering an omnichannel borrowing experience, proven to significantly increase loan volume and reduce acquisition cost.
Features:
  • Customers can easily access loans anytime, anywhere – with no loan application
  • Lenders enjoy increased product penetration, loan volume, and ROI
  • Simple integration with online and mobile banking
Why it’s great:
CUneXus helps lenders drive substantial loan volume, by providing customers a refreshingly simple on-demand borrowing experience across traditional, online, and mobile banking channels.
Presenters:
Dave Buerger, Co-Founder and President
Dave is a finance and marketing visionary who has been recognized by CUNA and CUES for award-winning strategies that have yielded record loan volumes and response rates.
Darin Chong, Co-Founder
Darin is an expert strategist and has been instrumental in the development of the company’s Comprehensive Pre-Screened Lending (CPL) strategy.

OnBudget_lo_res_logo

OnBudget develops PFM tools, Mobile Apps, and Bank Companion Cards that give banked consumers simple budgeting tools and banks a profitable way to monetize them.
Features:
  • Uniquely profitable prepaid product simplifies banked consumers’ budgeting needs
  • Auto learns users’ spending habits, suggests budgets
  • Analyzes spending trends, offers insights/savings opps to help users stay on track
Why it’s great:
OnBudget’s intuitive and interactive solution delights banked consumers by simplifying their budgets. It’s a bank companion card that provides real consumer value at no cost to the consumer.
Presenter:
Jim Collas, President and CEO
Jim is a personal computing pioneer with nearly 30 years of senior exec
utive experience in computers, prepaid cards, and consumer markets. He is a successful entrepreneur and visionary leader.

Spreedly_lo_res_logo
Spreedly is the independent credit card vault that works with any PCI end point API. We provide all the benefits of tokenization without gateway lock-in.
Features:
  • Quickly extend your business to non-gateway end point APS’s (hotel, ticketing, transportation, restaurants)
  • Automatically update lost/expired cards
  • One integration, 60+ gateways, 70+ countries
Why it’s great:
Spreedly gives you all the flexibility of having your own credit card vault without the headache of PCI compliance or building your own integrations.
Presenter:
Justin Benson, CEO
Justin specializes in scaling startups from concept to IPO/acquisition. He’s experienced in driving direct revenue and leveraging partnerships to achieve double-digit SaaS revenue growth.

Sureify_lo_res_logo
Sureify educates consumers on their life insurance options, helps them build a plan that’s right for them, and take the next steps to get covered.
Features:
  • Learn about life insurance from simple text, visuals, & videos
  • Unbiased, third-party source for life insurance education
  • Define needs and build the right plan for you quickly
Why it’s great:
Sureify is the only unbiased, third-party source for life insurance education online.
Presenters:
Dustin Yoder, VP of Business Development
Dustin leads strategy, product and business development. Loves talking with our customers, prospecting all possible channels, and relationship building in every part of our business.
Chris Cichon, Marketing
Chris drives marketing and customer experiences. Loves digital marketing and growth hacking; dabbles in front-end web development.

True_Link_Financial_lo_res_logo
True Link protects vulnerable seniors from predatory marketing and fraud.
Features:
  • Seniors are victims of $100bn/year in scams
  • Seniors are the largest, fastest growing market in the U.S.
  • True Link is the killer app for the 43 million people caring for their aging parents.
Why it’s great:
Everyone deserves a safe way to spend their money without having to worry about scams, fraud or spending mishaps.
Presenter:
Kai Stinchcombe, Founder and CEO
Kai is a data scientist and entrepreneur who created the True Link Prepaid Visa Card after discovering that his grandmother was the victim of several credit card frauds.

WePay_lo_res_logo
WePay enables marketplaces, crowdfunding sites, and business software makers to offer payment services to their customers without worry about risk or loss.
Features:
  • WePay’s Veda risk engine leverages big data to make better decisions
  • WePay’s Innovative Risk API collects risk data from platform partners
  • Veda analyzes social footprint to verify users
Why it’s great:
Through its proprietary Veda social risk engine, WePay gives platforms a flexible payment API that provides a great user experience while still taking on all their fraud risk and compliance burdens.
Presenter:
John Canfield, VP Risk Management
John leads all our risk strategy, processes and tactics at WePay. He holds a Masters and Bachelors in Electrical Engineering and Computer Science from MIT and an MBA from Stanford.

Finovate Alumni News– February 26, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgOn Budget wins 2014 Paybefore Award as “One to Watch.”
  • United Bank Limited picks VoiceTrust for voice biometrics.
  • InComm partners with Asia-based Money Online to launch POS-activated gift card mall solutions in Southeast Asia.
  • Rezzcard to integrate with InComm’s Cashtie to enable Rezzcard cardholders to pay their rent in cash at over 70,000 retail locations.
  • American Banker reports: Western Union to use NICE Customer Analytics. Come see its new tech at FinovateSpring.
  • Xero reaches 100,000 paying customers in Australia.
  • Check out an interview with BRIDGEi2i Director and Co-Founder, Ashish Sharma.
  • SecondMarket considering U.S.-based bitcoin exchange.
  • Live Gamer customers to get access to MasterCard’s MasterPass digital payment service.
  • authenticID enhances ID proofing technology to help combat cloned credit card fraud.
  • Green Dot wins top honors in four categories at 2014 Paybefore awards.
  • Global Banking & Finance Review takes a look at Kalixa Group’s American expansion.
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.