Finovate Alumni News

On Finovate.com

  • “Ripple’s New Partnership Lets Banks Test Blockchain and Ripple Integration”
  • Quantopian Adds Chief Investment, Compliance Officers Ahead of Opening Fund to Public”

On FinDEVr.com

  • UpGuard Brings Better Vulnerability Detection to ServiceNow”

Around the web

  • Kasasa partners with AudioEye to offer accessibility for community banks.
  • Zopa customers have borrowed $72 million+ this year for home improvement, a 54% increase in home improvement loans compared to the same period last year.
  • Ripple launches blockchain pilot program in partnership with Expertus.
  • Banking Technology reports that Temenos is nearing a core banking software deal with Iran’s Ayandeh Bank (Future Bank).
  • Fiserv earns a spot in Newsweek’s 2016 Green Ranking, which evaluates corporate environmental performance.
  • Google’s Economic Impact report profiles Onovative.
  • HousingWire reports: Mason-McDuffie Mortgage announces partnership with tech company Blend.
  • B2B Nation HR interviews PayActiv CEO Safwan Shah.
  • Infoworld feature on AI shares insights from OutsideIQ CEO Dan Adamson.
  • DigSouth highlights DoubleNet Pay and WealthForge in its look at fintech startups from the American South.

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.

Where Are They Now? FinovateSpring Alums Raise More than $326 Million in a Year

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Last week we took a look at what the alums of FinovateSpring 2015 have been up to in the year since they demoed on the Finovate stage. Today, we’re focusing on the funding.

All $326 million of it.

Of the 72 companies that demoed at FinovateSpring 2015 in San Jose last year, 21 of them had raised capital within a year. Kabbage’s raise of $135 million certainly stands out. But the $25 million investment picked up by itBit in May of last year, as well as the $15 million raised by Trulioo and the $12 million raised by Moven were also major contributors to a strong fundraising performance from the Class of FinovateSpring 2015. And this doesn’t even include companies such as Yodlee, which was acquired by Envestnet for $660 million, or Aurora Financial Systems, bought by fellow Finovate alum, Finicity, for an undisclosed sum.

March 2016

January 2016

Dec 2015

October 2015

September 2015

August 2015

  • [M&A] Holy Yodlee! Envestnet to Buy Yodlee for $660 Million – video

July 2015

June 2015

May 2015

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FinovateSpring 2016 is less than a month away. Pick up your tickets today and save your spot at our upcoming spring conference in San Jose, California.

 

Onovative Raises $1.2 Million in New Funding

Onovative_homepage_Dec2015

Onovative, which introduced its Core iQ bank marketing software at FinovateSpring earlier this year, has raised $1.2 million in a second round of funding. The investment takes the company’s total funding to more than $1.6 million.

“We’re very excited by the early reception of Core iQ in the marketplace,” said Onovative co-founder and CEO Michael Browning. “[We] feel that this round of funding gives us the ability to continue to achieve our vision of providing community banks and credit unions with software that is simple to use and affordable.”

Onovative_stage_FS2015

Pictured (left to right): Onovative co-founders Michael Browning and Clay Turner demonstrated Core iQ at FinovateSpring 2015 in San Jose.

The round was led by the Bluegrass Angels Fund. Also participating were the Sequel Fund, the Enterprise Angels Community Fund, the Kentucky Enterprise Fund, and Commonwealth Seed Capital, along with individual investors. Onovative says the funds will go toward “fuel[ing] sales growth and product development.” As part of the investment, Onovative relocated from its offices in Jeffersonville, Indiana, to its new headquarters in downtown, Louisville, Kentucky.

Onovative’s Core iQ helps FIs leverage their customer data to create personalized, sophisticated marketing campaigns, including automated distribution of print mail, email, and SMS text messages and outbound phone calls. Currently deployed in banks and credit unions across the U.S., the platform automates cross-selling and marketing communication for more than one million accounts a day.

Founded in June 2013, Onovative demonstrated its Core iQ technology at FinovateSpring 2015.

Finovate Debuts: Onovative’s CoreIQ Brings Automated Marketing Technology to Banks

Onovative_homepage_June2015

CoreIQ is a marketing automation system developed by Onovative that speeds onboarding and broadens cross-selling opportunities for community banks and credit unions. The platform leverages the data in the banks’s core banking system to automatically distribute marketing content in a variety of formats, from email and SMS to phone calls and postcards.

“We are a hybrid between CRM and marketing automation,” Onovative CEO Michael Browning explained in a conversation during FinovateSpring 2015 in San Jose earlier this year. “We bring data from all their systems and keep it behind their firewall, then use APIs to reach out to Trulioo and other companies for other functions (like Facebook ads).”

Onovative_FS2015_stage

From left: Onovative co-founders, CEO Michael Browning and CTO Clay Turner, demonstrated CoreIQ at FinovateSpring 2015 in San Jose.

Onovative sees its technology as a challenge to the Salesforces of the World, and similar platforms. One observer at FinovateSpring 2015 referred to Onovative as “Mailchimp for Banks and Credit Unions.” On that point, Browning admitted that “as a company, we love taking on bigger companies. It’s part of the fun of being a startup.”

Company facts:

  • Founded in June 2013
  • Headquartered in Jeffersonville, Indiana
  • Six employees
  • Raised $400,000 in capital
  • Michael Browning is CEO and co-founder

How it works

Onovative’s CoreIQ is designed to give community banks and credit unions the same high-caliber marketing tools to better engage their customers that larger financial institutions have access to. Among the key differentiators is the way Onovative handles a client’s sensitive customer data. “We centralize the data. Companies don’t have to upload to the cloud,” Browning explained. “We use APIs to access it, but we keep the data where it belongs.”

Onovative_CoreIQ_dashboard

From the main CoreIQ dashboard (above), a marketing team has insight into every client in the bank or credit union. Marketers can use the dashboard’s Account Listing Report to build customized lists for a variety of outreach campaigns—e.g., “Select personal checking account customers with balances of more than $1,000″—or to build a campaign based on the customers of a single branch, a region, current status, account type and much more.

Onovative_CoreIQ_Account_Listing

Client data can be analyzed through one of CoreIQ’s visualizations or presented in a simple list form (see below) for ready use in a campaign. Campaigns can be developed to operate through a variety of channels—from email and SMS to postcards and outbound telephone calls—and the platform provides a number of predesigned templates. These templates help not only marketers to save time, but also make it easier for community banks and credit unions to remain compliant since the message is consistent.

“In just a few seconds I can go from a list of people to a campaign,” Browning said. “And because all of this data is kept behind the firewall in CoreIQ, I’m able to see all the way through to conversions, as well.”

Onovative_CoreIQ_Account_List

CoreIQ also provides an Actionable Report Campaign tab (below) that gives marketers insight into how much their campaigns will cost, how the cost of the campaign will impact the budget, and other important campaign information and criteria. The user can also see how the actual text or SMS or email will look when it is delivered.

Onovative_CoreIQ_Campaign

Part of helping community banks and credit unions engage their customers with the same efficiency and sophistication as larger institutions includes things like providing a wide variety of templates and artwork to accompany marketing messages. Templates for email, postcard, SMS, and other message channels are available for banks and credit unions to choose from.

Importantly, as Browning pointed out in his FinovateSpring demo of the platform, CoreIQ’s template library can also include elements that have an API-component, as well. “So we have things in the pipeline like the Facebook-ad network and other display networks,” Browning said.

Onovative_CoreIQ_Onboarding_Templates

Campaigns can be easily tagged for reference and analysis, separating “offers” from “courtesy followups” and “debt collections.” Campaigns can also be linked with specific offers such as business checking or auto loans. The “Communication Template” features both an “approved by compliance” toggle button, as well as a signature space for any revisions to the template to be noted and approved.

And because the reality of multichannel communications means that not every customer is available on every channel, CoreIQ has a feature that allows any email or electronic campaign to be issued in print format if the platform detects that no electronic channel is available for a given customer. For example, the system could be configured to send a direct-mail postcard whenever it encounters a customer with no available email address.

The future

Onovative’s to-do list is long, but all items carry a central theme: Make the necessary connections to bring more data to the hands of FIs seeking deeper engagement with customers. Browning says Onovative is partnering with “people that already have a lot of consumer data and connecting it with what banks already have.” At Finovate, those partners were largely the technology folks, the payment processors and core systems providers. “We want to hook their data into our system,” Browning explained. “Reaching out via SMS, email, print, Facebook ads, Google display ads, issuing gift cards via API, integrating behavioral data from other networks … it’s all important,” he said.

Onovative_CoreIQ_Mapping-Conversions

At a starting price of $900 a month for the complete CoreIQ suite, Onovative offers FIs the ability to try the platform for a few months before making a commitment, and insists there are no long-term contracts. Browning added, “We put price right out in front. People love the fact that price is transparent.” The company recently celebrated its partnership with Massachusetts-based Avidia Bank ($1 billion in assets), and in June 2015 was featured in a Credit Union Times article on onboarding strategies for small and medium FIs.

“The most important thing a credit union can do is to understand its members as much as possible as soon as possible,” Browning said in the CU Times feature. “Cross-selling is important, but you won’t know what to cross-sell until you fully understand their situation.”

And with CoreIQ, Browning is betting that the ability for community banks and credit unions to reach that kind of full understanding will become a lot easier.


Check out the FinovateSpring 2015 demo video for Onovative below.

 

Finovate Alumni News

On Finovate.com

  • Mobile Fees: BillGuard Goes Freemium with Integrated Credit Monitoring
  • New $175 Million Investment Earns Credit Karma a $3.5 Billion Valuation
  • Lake Trust Credit Union Launches Larky-powered Mobile Rewards App

Around the web

  • The Financial Times looks at progress from robo-advisor services Nutmeg and Money on Toast.
  • FCI Federal Credit Union deploys CruiseNet core processing system from Jack Henry’s Symitar division.
  • UPS Capital, the financial services business division for United Parcel Service, to offer loans to its small business customers via Kabbage.
  • Motif launches new website for improved user experience.
  • Fortune Magazine and Great Place to Work name On Deck Capital 1 of 100 best places to work for millennials.
  • CU Management features Onovative in a discussion on innovations in new member onboarding.

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.

Onovative Presents Core iQ to Make Customer Data More Extractable and Actionable

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

onovative logo2The co-founders of Onovative are demonstrating Core iQ to help FIs make the most out of customer data:

Banks and credit unions have an abundance of customer data already present in their current software systems. The problem is, that data isn’t easily actionable or extractable when they want to use it to communicate with customers. Core iQ connects to those systems in a secure manner, behind the firewall, to enable automatic communication and cross-selling through email, SMS text, direct mail, and many other channels.

Core iQ presenters: Co-founders Michael Browning and Clay Turner

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Product Launch: September 2014

Metrics: We have 6 employees and raised $400,000 in August of last year. Our financing round was completely filled within 20 days. Our founders have had successful exits in the past with other technology companies.

Product distribution strategy: Direct to Business (B2B), through other fintech companies and platforms, licensed.

HQ: Jeffersonville, Indiana
Founded: June 2013
Website: onovativebanking.com
Twitter: @onovative

FinovateSpring 2015 Sneak Peek: Part 8

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Today marks our final Sneak Peek preview. We hope you’ve enjoyed the opportunity to get to know a little about the companies that will be taking the stage at FinovateSpring 2015.

Register today to see and meet these innovators in person on 12/13 May at our upcoming conference in San Jose, California.

If you’ve missed an edition, our complete Sneak Peek series for FinovateSpring 2015 is below:

And now let us introduce you to the final fourteen companies of FinovateSpring 2015. See you in San Jose!


FS2015_Finaeos_logoFinaeos automates the back office and capital-raising compliance.

Why it’s great
Serves the demand for new ways to invest, save, and generate income by investors across the globe.

  • Founded: 2015
  • HQ: Victoria, British Columbia, Canada

FS2015_Finicity_logoFinicity helps developers build powerful apps to drive financial software innovation.

Why it’s great
TXPUSH Interface to the Finicity API Platform.

  • Founded: 1999
  • HQ: Salt Lake City, Utah

FS2015_MoneyAmigo_logoMoney Amigo is a social money interaction platform that solves the lack of simple and clustered services for the unbanked and underbanked.

Why it’s great
Money Amigo makes managing money fast, fair, and friendly.

  • Founded: 2015
  • HQ: Las Vegas, Nevada

FS2015_Ondot_logoOndot Systems builds white-label solutions that enable financial institutions to provide security and convenience for their customers.

Why it’s great
Our platform brings innovation to mobile card services.

  • Founded: 2011
  • HQ: San Jose, California

FS2015_Onovative_logoOnovative’s powerfully simple marketing automation software helps financial institutions meet the challenge of cross-selling current customers.

Why it’s great
Onovative provides banks and credit unions with modern APIs and a simple UI to help them grow.

  • Founded: 2013
  • HQ: Jeffersonville, Indiana

FS2015_Outski_logoOutski’s platform improves employee health and wellness, increases productivity, and reduces job-related stress.

Why it’s great
Outski helps companies improve margins and reduce costs by focusing on the health and well-being of their employees.

  • Founded: 2013
  • HQ: Tucson, Arizona

FS2015_PrairieCloudware_logoPrairie Cloudware provides a comprehensive set of omnichannel, digital payment services to solve the need for more security, convenience, and control when purchasing goods and services online and in-store.

Why it’s great
We are a cloud-based, open platform that allows consumers to access and use their preferred payment mechanisms and accounts via the financial institution’s digital channels.

  • Founded: 2012
  • HQ: Omaha, Nebraska

FS2015_Slice_logoSlice’s technology provides item-level purchase-data across the largest base of online consumers (two million and counting).

Why it’s great
Slice’s one-of-a-kind Purchase Graph technology.

  • Founded: 2010
  • HQ: Palo Alto, California

FS2015_SmartAsset_logoSmartAsset provides a tools-and-content platform to give consumers personalized and actionable advice.

Why it’s great
Leverage our Automated Financial Modeling technology to make significant personal finance decisions.

  • Founded: 2011
  • HQ: New York City, New York

FS2015_Token_logo_snagToken is a new payment rail that solves the “faster payments” problem for banks, businesses, and consumers.

Why it’s great
A new open bank API, an unbreakable identity system, developer tools, and a wallet app for business and consumers.

  • Founded: 2015
  • HQ: Los Altos Hills, California

FS2015_TopImageSystems_logoTop Image Systems introduces the eFLOW mortgage, which eliminates the manual, time-consuming and expensive mortgage-origination process.

Why it’s great
Top Image Systems’ IQA (Image Quality Analysis) provides unparalleled accuracy, security, and ease of use.

  • Founded: 1991
  • HQ: Tel Aviv, Israel

FS2015_Vanguard_logoVanguard introduces the Funds Visualizer to rid investors of suboptimal portfolio construction.

Why it’s great
Our interactive, 3-D, data visualizations of diversification provide unique insights when it comes to building portfolios.

  • Founded: 1975
  • HQ: Valley Forge, Pennsylvania

FS2015_Vouch_logo_414updateVouch is the first social network for credit, enabling consumers to connect and share creditworthiness so they get the financial products they deserve.

Why it’s great
Vouch is for anyone who believes they are more than their credit score.

  • Founded: 2013
  • HQ: San Francisco, California

FS2015_Whodini_logo_snagWhodini helps merchants engage customers using social media marketing, reaching loyal customers with targeted offers.

Why it’s great
At Whodini, we help local businesses know their customers better.

  • Founded: 2004
  • HQ: Westport, Connecticut

Finovate Alumni News

On Finovate.com

  • Prosper Pulls in $165 Million in Funding, Boosting Valuation to $1.9 Billion

Around the web

  • Digital Insight releases Android smartwatch functionality with Wright-Patt Credit Union.
  • Australian Banking Finance features Avoka CEO Derek Corcoran.
  • Louisville business blog features Onovative. Catch them at FinovateSpring 12/13 May 2015.
  • MX releases first look at its AppleWatch.
  • Linqto’s Personal Banker receives Overall Most Innovative Award in Barlow Research Associates’ 2015 Monarch Awards for in business banking.

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.