Finovate Alumni News

On Finovate.com

  • “CBANC Launches New Features to Further Engage Network of Professionals”

On FinDEVr.com

Around the web

  • MX inks multi-year data-aggregation deal with USAA.
  • Feedzai opens new offices in the U.K.; hires new head of international operations.
  • Payoneer buys Armor Payments.
  • Micronotes leverages AI and machine learning with new suite of cross-sell solutions for banks.
  • TransferWise teams up with Pay Gate to bring its money-transfer service to South Korea.
  • Insuritas to deploy turnkey insurance agency at Sun Community FCU ($358 million in assets).
  • Genworth Mortgage Insurance to use technology from Roostify to streamline home-buying process.
  • Former Check CEO Guy Goldstein’s Next Insurance announces $13 million seed-round led by Zeev Ventures, TLV Partners, and Ribbit Capital.
  • Patch of Land rolls out mid-term loans of two to five years.
  • In the U.K., PayPal Here SDK reveals first eight business partners.
  • CustomerXPs featured on Nasscom’s Indian Analytics Products Landscape.

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.

East Coast Credit Fund Puts $250 Million to Work on Patch of Land Platform

PatchofLand_homepage_Feb2016

An East Coast credit fund will invest $250 million across the Patch of Land platform. The investment comes in the form of an agreement to buy loans in a “forward flow arrangement,” and represents the credit fund’s first move into the P2P marketplace lending space.

CEO and Co-founder of Patch of Land Jason Fritton said the partnership will enable his company to “fill loans on a programmatic basis, creating a higher level of validation for the entire industry.”

PatchofLand_stage_FF2014b

Pictured (left to right): Patch of Land’s AdaPia d’Errico (CMO) and Brian Fritton (CTO and co-founder) demonstrating the company’s platform at FinovateFall 2014 in New York.

Fritton added that individual accredited investors – more than 95% of Patch of Land’s loan funding to date – will continue to be a priority. “We will continue to deliver quality product for the portfolios of large institutional players and the thousands of accredited investors who invest in our loans every day.”

In the two years since its launch, Patch of Land has funded more than 200 projects with an average blended rate of return of 12%. Patch of Land has returned more than $20 million in principal and interest to investors, who have suffered no loss of principal. The company’s platform offers proprietary risk scoring and pricing models which, in the words of Patch of Land EVP of business development, Jillian Jaccard, “appeal not only to institutional buyers, but also the company’s individual investors.”

Patch of Land added commercial real estate to its platform in August 2015, and last spring announced a $23 million Series A round led by SF Capital Group. The company was featured in Forbes magazine in the summer of 2015 in a column on top fintech trends, and was named by Entrepreneur magazine as “1 of 100 brilliant companies to watch” in 2015.

Founded in February 2013 and headquartered in Los Angeles, California, Patch of Land demonstrated its platform at FinovateFall 2014.

Finovate Alumni News

On Finovate.com

  • i-exceed Teams Up with Mindtree to Bring Mobile Tech to BFSI Sector.
  • FinovateEurope 2016: Tweets by the Thames.

Around the web

  • Popular Community Bank and Oriental Bank to deploy Cardless Cash, a mobile banking technology from FIS.
  • Mitek to combine its Mobile Verify solution with fraud prevention and risk management technology from IdentityMind Global.
  • Lending Club reports second quarterly profit since going public in December 2014.
  • BizEquity launches ‘Smarter Prospecting’ feature for its Advisor Office platform.
  • Wallaby’s Chrome 2.0 provides access to credit card advice in the browser.
  • Swipestox partners with German bank Hauck & Aufhäuser to offer its users foreign currency and securities trading.

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

On Finovate.com

  • “More than 30 Alums Earn Spots on the Hot Topics 100 Most Influential People in Fintech Roster”
  • “Finovate Debuts: How DRAFT Offers Transparency into Investment Performance”

Around the web

  • Patch of Land to directly secure all existing and future loans with underlying collateral.
  • The College Investor reviews FutureAdvisor.
  • The Denver Post profiles Broomfield-based Avoka Technologies. See Avoka at FinovateFall 2015 in New York City in September.
  • Matchi launches new insurance category.
  • Pymnts interviews Flint Mobile’s CEO Greg Goldfarb on how its solution will adapt to the upcoming liability shift.
  • Larky to power CoastHills Credit Union’s privi, a mobile app that delivers instant member savings and loyalty.
  • Let’s Talk Payments looks at Venmo and its new group-payments feature.
  • Payoneer partners with freelance jobs platform, Nebbish.com.
  • Expensify launches real-time expense reports.
  • Royal Bank of Scotland hosts hackathon in partnership with Open Bank Project.

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.

 

Patch Of Land Adds Commercial Real Estate to Platform

PatchofLand_commercial_homepage

Real-estate crowdlender, Patch of Land, has gone commercial.

Investors on the crowdlending platform will now be able to put their capital in commercial real estate opportunities instead of simply residential ones. Patch of Land said the addition of commercial real estate gives investors greater diversification, provides the opportunity for “consistent cash-flowing returns” and serves as a “complement” to the platform’s shorter-term residential real estate investment opportunities.

Patch of Land says investors can expect annual yields of between 6% to 10% with the commercial real estate, and terms of as few as 12 months and as many as 60 months are expected to be offered.

PatchofLand_stage_FF2014

From left: Patch of Land CMO AdaPia d’Errico, and CTO Brian Fritton, co-founder, demonstrated the Patch of Land platform at FinovateFall 2014 in New York.

One of the largest real estate crowdfunding platforms in the United States with more than $32 million invested through the platform, Patch of Land is a peer-to-real-estate (P2RE) marketplace that connect accredited and institutional investors seeking asset-backed, high-yielding, short-term investments with borrowers looking for alternative funding sources.

Patch of Land was named to Entrepreneur magazine’s 100 Brilliant Companies to Watch 2015 earlier this year. The company raised $23 million in new funding in a round led by SF Capital Group in April.

Here are a few more metrics on Patch of Land since inception in October 2013:

  • Total loans funded: $40,148, 500
  • Number of loans funded: 134
  • Total funds returned to investors: $6,866,745
  • Average loan size: $301,110

Patch of Land has investments in 25 states including California, Texas, New York, Florida, Ohio, and Massachusetts. Just over half (56%) of the projects funded by Patch of Land have been single-family residential, with multifamily residential coming in second at 36%. It will be worth watching to see how these numbers change now that commercial real estate is available as an investment option on the platform.

Founded in February 2013 and headquartered in Los Angeles, California, Patch of Land demonstrated its crowdfunding platform at FinovateFall 2014 in New York.

Finovate Alumni News

On Finovate.com

  • “T. Rowe Price, Fidelity Lead $130 Million Investment in Twilio
  • “i-exceed Unveils Appzillon 3.1 with Enhanced Security, UX”
  • “Radius Raises $50 Million in Round Led by Founders Fund”

Around the web

  • Daily Fintech profiles financial analysis platform, Thinknum.
  • Patch of Land adds commercial real estate to its crowdfunding platform.
  • CR2 appoints Tammo van Leeuwen as market strategy director.
  • NerdWallet looks at Wealthfront, Betterment, FutureAdvisor, Personal Capital, and Vanguard in feature on how automation disrupts investing.
  • Dough Roller features FutureAdvisor as a free service to manage your child’s college fund.
  • Battery Ventures, a tech-focused investment firm, has agreed to acquire Physical Security Business Unit, part of the security division of NICE Systems in a deal valued up to $100 million.

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

On Finovate.com

  • “Santander UK Launches Cash Kitty PFM App Developed with Kalixa, Monitise”

Around the web

  • Lend Academy podcast features Kathryn Petralia, Kabbage co-founder. Come see Kabbage at FinDEVr 2015 in San Francisco.
  • GMC Software releases GMC Inspire R10 customer communications management software.
  • DevNetwork profiles WePay at the API World 2015 conference.
  • DriveWealth joins with World Merit to promote the first Financial Literacy Challenge.
  • Sonavation unveils technology that puts fingerprint sensors under Gorilla Glass.
  • Top Image Systems inks deal with Bahrainian Xerox distributor, Business International all.
  • Dallas Business Journal interviews Chris Camillo, TickerTags founder.
  • Prosper begins debt-sale recovery strategy; charged-off loans will be packaged together for a debt sale.
  • AlwaysOn selects Taulia as an AlwaysOn Global 250 winner.
  • Beehive Startups takes a peek at MX’s culture. Check out MX’s presentation for developers at FinDEVr 2015 in San Francisco.
  • GROWMARK selects Avalara AvaTax Excise & Returns Excise Enterprise. Avalara will present at FinDEVr 2015, 6/7 October.
  • Forbes column on top fintech trends highlights MaxMyInterest, Prosper, Lending Club, Betterment, Vanguard, CUneXus, Patch of Land, and DarcMatter.

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

On Finovate.com

  • “Prosper’s Growth History: $4 Billion in Loan Originations Since Launch”

Around the web

  • American Banker covers Realty Mogul and Patch of Land (paywall).
  • PYMNTS looks at how Currency Cloud plans to use its recent round of funding. Come see their presentation at FinDEVr 2015.
  • Tradeshift partners with supply-chain management solutions company Quyntess, which has built three apps on Tradeshift’s open platform.
  • TechCrunch rumors Kreditech is three months out from closing a $110 million round with contribution from Peter Thiel.

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

On Finovate.com

  • “Finovate Debuts: LoanNow Helps Borrowers ‘Outperform their FICO Score'”

Around the web

  • HedgeCoVest launches its real-time, hedge fund replication platform.
  • First Republic Bank to deploy virtual banking solutions from Q2 Holdings.
  • The Independent takes a look at Klarna and the power of micropayment.
  • oneID featured in MacWorld as a two-factor authentication app for the Apple Watch.
  • Allied Wallet now a supported online payment provider of Spreedly.
  • emX Select from eMoney Advisor now integrated with Dropbox.
  • Süddeutsche Zeitung features Trustly and Klarna (in German).
  • Bank Innovation profile on alternative fintech capitals looks at Iceland and highlights Meniga.
  • Ripple Labs adds former Depository Trust & Clearing Corporation (DTCC) CEO Donald Donahue as advisor.
  • A review of local fintech startups in the Boston Globe features Kensho and Quantopian.
  • Temenos wins “Best Core Banking System” honors from Banker Africa East Africa Awards 2015.
  • American Banker considers how Namu covers the emotional side of banking.
  • Entrepreneur lists Patch of Land as 1 of 100 brilliant companies to watch in 2015.
  • Pendo Systems wins awards from international financial technology publications, the New Jersey Technology Council, and SWIFT.
  • Asian Wealth Times: “Singapore’s MoneySmart to Launch PFM tools with Ewise”
  • Finaeos teams up with TATA Consulting Services to help SMBs take advantage of Regulation A+ of the JOBS Act.

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

On Finovate.com

  • DRAFT, Fidor US, Roostify to Present Solutions at Yodlee Ynext Incubator
  • $680 Million Raised by 29 Alums in Q1 2015

Around the web

  • BizJournals lists BancVue as one of Austin’s Best Places to Work in 2015.
  • American Banker interviews James Varga, CEO of miiCard, on sharing identity information.
  • Motif adds new trading alerts.
  • P2Binvestor selected as new network company by Blackstone Entrepreneurs Network Colorado (BENCO).
  • MaineBiz takes a look at CashStar and its new offices in downtown Portland.
  • Mountain America rolls out its new biometrics login technology courtesy of EyeVerify.
  • Fuze Networks acquires LiveMinutes’ online workspace platform.
  • Jwaalla celebrates signing its 100th credit union client, Palisades FCU.
  • Business Insider looks at how Klarna and its one-click payment technology could help save the newspaper business.
  • Reid Hislop tapped as new chief marketing officer at Avoka.
  • Inc. Magazine features ID.me CEO Blake Hall in a column on veteran entrepreneurs.
  • Equities.com talks crowdfunding and real estate with Jason Fritton, Patch of Land CEO.
  • Financial News interviews Ripple CEO, Chris Larsen on the future of the financial infrastructure.
  • SocietyOne has originated more than $30 million on its platform since launching in 2011.
  • Prosper announces record first quarter, with $595 million in loans through the platform, up 200% from Q1 2014.
  • WattzOn to help Montana residents save on energy expenses via the Bozeman Energy Smackdown.
  • Larky selected by the Kentucky Bankers Association to provide mobile local rewards program for member banks.

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

On Finovate.com

  • FreeAgent Scores $5 Million Line of Credit
  • Patch of Land Earns $23 Million Investment Led by SF Capital Group
  • Finovate Debuts: CashSentinel’s Mobile Escrow Service

Around the web

  • Nine Lives Media ranks ProfitStars’ Gladiator Technology in 6th annual MSPmentor 501 Global Edition.
  • Kreditech brings on Oliver Prill as COO.
  • PYMNTS: Prosper closes out financing round that pushes its valuation to $1.9 billion.
  • PYMNTS interviews Bento CEO and founder Farhan Ahmad. See Bento demo live at FinovateSpring in San Jose.
  • PayPal Makes Acquisition of CyActive Official.
  • TechCrunch: Dashlane’s “Inbox Scan” Tool Uncovers The Passwords You’ve Saved In Your Email.
  • Arxan expands application protection to support all major internet of things (IoT) platforms.
  • Holvi partners with identity-intelligence specialist GBGroup to ensure all customers are verified.
  • Malauzai Software announces 5 community banks to launch SmartwearApps for the Apple Watch.

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.

Patch of Land Earns $23 Million Investment Led by SF Capital Group

PatchofLand_homepage_full

FinovateFall 2014 alum Patch of Land has raised more than $23 million in a Series A round. SF Capital Group led the investment, which included the participation of Ron Suber, president of Prosper Marketplace.

The investment is a major infusion of capital for the company. Patch of Land’s total funding now stands at $25 million. Neil Wolfs, SF Capital Group president, will join Patch of Land’s board of directors.

An innovator in the field of real estate crowdfunding, Patch of Land sees the investment as an opportunity to provide the loan products, such as construction and buy-to-rent loans. In this, building bigger and better relationships with institutional investors is key. “We look at them as our capital firepower,” COO Jason Fritton said. Additionally, the capital will help Patch of Land build out its team, adding loan officers, underwriters, and others.

PatchofLand_FF14_stage

Left: CMO AdaPia D’Errico and CTO Brian Fritton demonstrated the Patch of Land platform at FinovateFall 2014 in New York.

According to The Real Deal, the investment makes Patch of Land “one of the best-funded real estate crowdfunding platforms” in the country. The company has generated 12% annual returns for investors since inception, which is what may have helped spur interest among institutional investors. Issuing $17 million in short-term, commercial real estate loans without a single default likely provided additional impetus for larger investors to get involved in the real estate crowdfunder.

“We are excited to work with this dynamic team and help them capture the tremendous opportunity they have identified,” said Wolfson. “Patch of Land was one of the first companies to focus exclusively on real estate debt investments and the first to offer pretended loans, which dramatically shortens the time developers wait to get funded.”

Patch of Land was founded in February 2013 by Carlo Tabibi, CEO; Brian Fritton, CTO; and Jason Fritton, COO, and is headquartered in Los Angeles, California. The company has 10 employees; more than 2,500 investors; and more than 280 loans in its pipeline, with an average loan size of $240,000.