Alumni News– July 8, 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.jpgTop Image Systems signs agreement to acquire cloud-based banking solutions provider, EGistics.
  • Prestadero raises more than $670K in series B funding round.
  • ACI Worldwide to bring electronic billpay to Southern Auto Finance Company (SAFCo).
  • P2Binvestor crowdlends $2 million line of credit to fellow Finovate alum.
  • Mike Branton of StrategyCorps discusses the “three big threes of checking” in CB Insight.
  • Lending Club facilitates $1 billion of loans in Q2 2014, which brings it to a total of $5 billion since its inception.
  • ReadyForZero announces two new resource centers: Get Out of Debt and Auto Loan Resources.
  • First American Credit Union hires Insuritas to launch insurance agency to build non-cyclical fee income.
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.

Prestadero Raises More than $670K in Series B Funding Round

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A week after we published our quarterly alumni funding roundup for Q2 2014, it looks like Q3 is already off to a nice start on the funding front.

At the beginning of the month we shared news of Moven’s $8 million funding. And the strides Yodlee is making toward an IPO sooner than later made headlines soon after.

And now today we can add Prestadero to the list of Finovate alums that find themselves in a money-raising mood. The peer-to-peer lender finished its second round of funding by raising $677,000 (8.8 million Mexican pesos).
The investment more than doubles the company’s previous total of $400,000 – raised almost a year ago to the week – taking Prestadero’s total capital to more than $1.7 million (more than 13.8 million Mexican pesos).
Prestadero_homepage
Specific investors in this round were not disclosed, but the company referred to the contributors in a statement as “international leaders in the financial services sector in Mexico and abroad.”
Prestadero will use the additional capital to add new functionality to its platform, and to accelerate growth.
Stats:
  • Founded in 2011
  • Headquartered in Mexico City, Mexico
  • Provides unsecured personal loans ranging from 10,000 to 250,000 Mexican pesos
  • Offers approved borrowers rates ranging from 8.9% to 28.9% annually
  • Offered lenders net annualized returns of 15%
Gerardo Obregón is CEO.
Prestadero demoed its technology at FinovateSpring 2013 in San Francisco. See a video of the company on stage here.

Where the Alums Are: A Remembrance of FinovateSpring Past

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It is hard to believe that it is almost time for FinovateSpring 2014.

There’s still plenty of time for you to get your tickets to our upcoming event in San Jose, California on April 29 and 30. Our final Sneak Peek preview post is up, all the companies who were prepping under the radar are now out of stealth, and we can’t wait for you to see what this year’s spring crop of fintech entrepreneurs and innovators has in store.

Before we do, however, let’s take a moment to take a look back at last year’s FinovateSpring alums. As we scrolled through blog archives, several themes jumped out: the appetite for startups remains as passionate as ever, with three of our Spring 2013 alums being acquired by such financial sector potentates as Intuit and PayPal. And venture capitalists continue to see innovation in this space as a more than worthwhile investment, with 20 separate fundings for Spring 2013 alums

We’ve grouped the achievements into four categories: Exits, Fundings, Awards, and Acquisitions. Enjoy!

EXITS
  • Jack Henry buys Banno for undisclosed sum
  • The rumors are true: eBay’s PayPal acquires Braintree for $800 million in cash
  • Intuit buys tax planning/preparation specialist GoodApril
  • TaxAct acquires Balance Financial
FUNDINGS
  • CardFlight secures $1.6 million in seed funding from ff Venture Capital
  • Encap earns seven-figure investment from ProVenture Seed
  • EyeVerify earns $2.3 million in Series A funding
  • Jemstep raises $4.5 million in Series A round
  • Kabbage brings in $270 million in debt financing to provide small businesses with funding of their own
  • Kabbage brings in $75 MIllion in debt financing
  • Leaf raises $20 million from Heartland Payment Systems
  • Alternative lender LendUp raises $14 million in new funding
  • D3 Banking creator Lodo Software Brings in $3 million
  • Narrative Science secures $11.5 million in Series C funding
  • OpenCoin wins investment from Google Ventures, IDG Capital Partners
  • P2BInvestor raises $1.2 million in Series A round
  • PayNearMe leverages Family Dollar Partnership; raises $20 million
  • PayNearMe raises $10 million in Series D funding, launches Express Merchant Onboarding Option
  • Prestadero raises 5 million pesos ($400,000 USD) in first round of funding
  • Quantopian raises $6.7 million in Series A round
  • Realty Mogul raises $9 million in round led by Canaan Partners
  • SeedInvest raises $2 million in crowdfunded investment campaign
  • SeedInvest Raises $1 million in round Led by Jumpstart New Jersey Angel Network
  • Zooz Closes $2 million Series A round Led by XSeed Capital
AWARDS
ACQUISITONS
  • OpenCoin acquires SimpleHoney
  • Kofax acquires data integration software provider Kapow Technologies
  • NICE to acquire Causata to enhance customer experience management

Finovate Alumni Raise $825 Million in 2013, Up 79%

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Cheers to a new year! After ringing in 2014, we wanted take a look back at the capital raised by Finovate alumni in 2013. It was quite a year, with alums pulling in $825 million, $365 million more than in 2012 for an increase of about 80%.
2013 funding summary:
    • 62 companies raised $825 million
    • Q4 had the most capital, with a total of $294 million raised by 17 companies (more than half by Xero, which landed $150 million). 
    • October was the busiest month, with $177 million raised (mostly Xero’s $150 million)
    • May was second highest with $91 million raised by 7 companies
2012 comparison
Last year Finovate alums took in almost twice as much as 2012, when 44 Finovate alums collectively raised $460 million. The chart below shows the quarter-by-quarter comparison for both years.
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Quarter 1 — blog post
More than $155 million raised by 14 companies
January — $57 million raised by 6 companies
February — $56 million raised by 5 companies

March — $42 million raised by 4 companies


Quarter 2 — blog post
More than $205 million raised by 15 companies
June — $81.7 million raised by 6 companies
May — $91.5 million raised by 7 companies
April — $32 million raised by 2 companies

Quarter 3 — blog post
More than $171 million raised by 22 companies

July — More than $63 million raised by 8 companies
August — More than $26 million raised by 6 companies
September — $82 million raised by 9 companies
Quarter 4
More than $294 million raised by 17 companies

October— $177 raised by 6 companies
November — More than $87 million raised by 7 companies
December — More than $30 million raised by 6 companies

Note: Funding that companies received before they first appeared at Finovate was not counted. Questions? Comments? Email us at julie@finovate.com or david@finovate.com.

Prestadero Surpasses 11,000 Registered Users in 2013

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P2P lending platform Prestadero released growth figures this week that attest to the growing popularity of non-bank lending intermediaries.

Here are some of the growth numbers it released:

  • Surpassed 11,000 registered users
  • Received credit applications for more than 225 million pesos in 18 months
  • On track to double its credit origination every 3 months
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The Mexico-based company offers unsecured personal loans from $10,000 to $250,000 pesos at rates from 8.9% to 28.9% per year. These rates are much more attractive than classic credit card APRs which, in Mexico, average 56.32%.

Prestadero debuted its platform at FinovateSpring 2013. Check out the demo here.

Third Quarter 2013 Funding for Finovate Alumni — More than $171 Million Raised

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The third quarter of 2013 revealed that even during the sleepy days of summer, the business of putting capital into the coffers of fintech innovators remained as busy as ever.

Finovate alumni were the beneficiaries of more than $171 million during July, August, and September. This brings the total year-to-date funding for Finovate alumni to at least $526 million (some of the funding amounts were undisclosed).

Here is the Q3 summary for 2013:

July — More than $63 million raised by eight companies
August — More than $26 million raised by six companies
September — $82 million raised by nine companies
Note: Fundings prior to a Finovate appearance not included. Questions? Comments? Email us at julie@finovate.com or david@finovate.com.

Finovate Alumni News– July 22, 2013

  • Finovate-F-Logo.jpgPrestadero raises 5 million pesos ($400,000 USD) in first round of funding.
  • Geezeo partners with OSG Billing to offer new ways to leverage PFM within the bank statement.
  • eToro OpenBook now a single-page application since Copy.Me is discontinued.
  • The Financial Brand takes a look at mobileBanker, a turnkey solution for mobile sales from Zenmonics. See Zenmonics at FinovateFall in September.
  • FTRANS raises more than $2 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.

Prestadero Raises 5 Million Pesos ($400,000 USD) in First Round of Funding

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Peer-to-peer lending platform Prestadero today announced it raised its first round of funding, totaling 5 million Mexican Pesos ($400,000 USD).

The round was led by Venture Partners Mexico.

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Up until this round, CEO Gerardo Obregon has self-funded the startup since launching it in 2011. Prestadero plans to use the funding to attract new borrowers and lenders and to accelerate growth.

Having only been in operation for a year, the Mexico City-based company has loan requests of over 120 million Mexican Pesos and offers net annualized returns of 16% for lenders, and rates from 8.9% to 28.9% per annum for creditworthy borrowers.

To see Prestadero’s platform in action, watch its FinovateSpring 2013 demo.

FinovateSpring 2013 in the Press

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Last week’s FinovateSpring 2013 received great coverage through blogs, tweets and articles. Here are the highlights:

Full conference live blogs

—————

Three contributors risked carpel tunnel to cover all 72 demos. Thanks to Erin McCune and William Mills III and Phillip Ryan for going the extra mile!

Bank Innovation
by Phillip Ryan
FinovateSpring recap and ratings
Day one morning recap
Day one afternoon recap
Day two morning recap
Day two afternoon recap

PaymentsViews
Live Blogging Finovate Spring 2013 San Francisco
by Erin McCune 
William Mills blog
Live Blog: FinovateSpring 2013 San Francisco by William Mills III-DAY ONE
by William Mills III
Other coverage
———————————————————————————————————–
Affluent Strategies
What About the Overbanked?
by JP Nicols

American Banker
5 Most Intriguing Companies at Finovate
by Sean Sposito
Bank Security Top Focus at Finovate
Banno Launches Data-Analytics Marketing Feature
by Sean Sposito
Crowdfunding Startups Pose New Competition to Commercial Lenders
by Sean Sposito
EyeVerify Rolls Out Authentication Service for Mobile Banking
by Brian Browdie

GoBank to Go Live on the Fourth of July
by Sean Sposito
The Buzz at Finovate: New Security Tech
by Sean Sposito
Bank Marketing Strategy
Musings of a Finovate Virgin
by Jim Marous
Bank Systems & Technology
Digital Marketing Solutions Stand Front and Center at Finovate Spring
by Jonathan Camhi
Banking 2020
FI Spotlight: USAlliance FCU Sees Cross-Selling Success
Barron’s
Algorithms for the Masses
by Theresa W. Carey 
Bloomberg Businessweek
Kabbage Expands Its Cash Advances to Brick-and-Mortars
by Patrick Clark

Celent
How to give a killer Finovate presentation
by Dan Latimore

Credit Union Magazine
Finovate Unveils Best of Show Winners

Finovate Highlights Industry’s Best and Brightest
by Steve Rodgers
Look into the Future of Finance
by Steve Rodgers
Scenes from FinovateSpring 2013
by Steve Rodgers

Credit Union Times
5 Things You Don’t Know Because You Weren’t at Finovate
by Robert McGarvey
Onsite Coverage: Finovate Crowns the Winners
by Robert McGarvey
Onsite Coverage: New Security Tools Take Finovate Stage in Numbers
by Robert McGarvey
Onsite Coverage: No Clear Winners at Finovate Day 2
by Robert McGarvey
Threat of the Week: DDoS Back at You
by Robert McGarvey
Tomorrow’s Ideas Spark Interest But Fail to Excite
by Robert McGarvey
Des Moines Register
Banno launches marketing product for banks
by Marco Santana
Ecommerce Bytes
ZooZ Lets Mobile Shoppers Tap an Ad to Buy
By Ina Steiner 
FamZoo blog
My Finovate Scorecard Winners Plus Snarky Tweet Highlights
by Bill Dwight
Spend Money Like a Pop Star…Or Not: FamZoo’s FinovateSpring 2013 Demo
by Bill Dwight
Filene blog
Filene Five: Promising Products from Finovate
The Financial Brand
7 Reasons to Love GoBank
by Jim Marous
Finews.ch
Neues aus der Finanzwelt der Zukunft
Finextra
Banno unveils marketing tool Kernel
Forrester blog
FinovateSpring Fling 2013: Another Year of Dazzling Financial Services Delight!
by Tiffani Montez
Hotwire blog
Innovations inspire at Finovate Spring 2013
by Annette Leach
IntelliResponse blog
IntelliResponse Takes Center Stage at Finovate Spring 2013
by Dwayne Weppler 
Investment News
Quantopian launches trading platform pilot program
by Davis D. Janowski
Kabbage blog
Kabbage and Intuit Partner to Fund Small Businesses!
Lisa LaMagna’s Slideshare
Finovate SF in 60 Seconds
by Lisa LaMagna
MainStreet
Kabbage Expands Small-Business Financing
by Laurie Kulikowski
Man in Ranks blog
I attended Finovate Spring in San Francisco
by Christopher Perrien
Intuit
by Christopher Perrien
Newfination
Finovate Spring 2013: Expensify Is At The Forefront Of Innovation In Business Expense Management
Finovate Spring 2013: On Finovera You Can Store Your Bills, Statements, And Financial Documents
Finovate Spring 2013: GoBank Is A New Finance Bank That Enables Smart Personal Money Management
Finovate Spring 2013: GoodApril Helps You With Your Taxes All Year Round
Finovate Spring 2013: In San Francisco At The Center Of The New Finance World
Finovate Spring 2013: Kabbage Approves And Lends Money To Small Businesses in 7 Minutes or Less
Finovate Spring 2013: Leaf.me Is A Multiprocessor Payment Platform For Merchants
Finovate Spring 2013: Prestadero Is A Mexican Peer To Peer Lending Marketplace
Finovate Spring 2013: Realty Mogul Is A Crowdfunding Platform For Real Estate Investing
Finovate Spring 2013: Refundo’s App Is For The Under and Unbanked
Finovate Spring 2013: Start A Trust Fund For Each Of Your Kids At TrustEgg
Finovate Spring 2013: Virtual Piggy Is A Safe Payments System For Your Kids to Spend their Allowance
Finovate Spring 2013: Walla.by Is A Full Service Credit Card Advisor
Newsday
Banking Up Launches at FinovateSpring, Lets Any Business Offer Customers a Trusted Alternative to Traditional Banking
PandoDaily
Finovate: Quantopian debuts live data trading for consumer quants
by Michael Carney
Pymnts.com
A VC’s Inside Look At FinovateSpring 2013
by Dan Rosen
GoBank Announces Timing of General Availability and National Distribution Relationships at FinovateSpring
Kabbage Extends Loan Services To Offline SMBs
TipRanks Wins Best of Show Award at Finovate
TransCard Congratulates FamZoo, Winner of One of Five 2013 FinovateSpring Best of Show Awards
The Paypers
InvoiceASAP, Zebra Technologies
partner for mobile invoicing solution
Refundo blog
FinovateSpring 2013 Trip – Demo Day
by Michael de Senna
SF Gate
ZooZ Previews “In-Ad Payments”™ at Finovate Spring
Silicon Prairie
Onstage at Finovate, Banno unveils ad platform for banks
by Danny Schreiber
Watch EyeVerify, Banno demo their wares at bank tech event Finovate
by Fred Bauters
TechCrunch
Mobile Payments Startup ZooZ Debuts In-Ad Payments (Yes, “Ad” Not “App”)
by Sarah Perez
VentureBeat
Expensify takes on Freshbooks with invoicing & billing features
by Sean Ludwig
Kabbage expands its loans business, now supports Quickbooks
by Christina Farr
Y Combinator Blog
LendUp (YC W12) wins Finovate 2013 Best in Show for consumer loan platform to help the underbanked build credit
We’ll continue to add coverage throughout the next few weeks. If you have FinovateSpring press coverage you would like to add, please email the link to julie@finovate.com.

Prestadero’s Peer-to-Peer Lending Platform Places Borrowers in Complete Control

This is a part of our live coverage of FinovateSpring 2013.

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Closing out FinovateSpring for us this afternoon, 
Prestadero demoed its peer-to-peer lending platform:
“Prestadero uses its proprietary management software to originate loans in an extremely efficient way. Our platform allows us to parse out declined loans in seconds and determine rates for approved loans in less than 1 minute.  
Our web interface allows lenders to view their entire portfolio in detail. Lenders can also view specific graphs and scorecards that allow them to make better investment decisions, even if they are not investment professionals. We provide lenders with tools, such as our “diversification index,” which quickly and comprehensively lets them know their risk exposure depending on the diversification of their loans. Our software also enables lenders to select multiple loans at once by filtering through the user’s selected criteria. They can also choose to reinvest their returns based on the same or a different set of criteria.
Through their online account, borrowers have full control over their loan’s entire process, from filling out the application to paying it off completely. We also charge the borrower’s bank accounts directly when their payments are due, diminishing delinquencies and providing a better service for our customers. The entire process is streamlined and coded with peer-to-peer finance in mind, reducing human interaction on the back-end of the technology and providing more accurate, up-to-date information on our front-end.”
Product Launch: June 2012
HQ: Mexico City, Mexico
Founded: April 2011
Metrics: 4,000+ registered users, $70M pesos in loan requests, $400K raised
Twitter: @prestadero
Presenting Gerardo Obregon (CEO & Founder) and Alejandro Ramos (Partner)

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