The partnership between Finovate alumni Lendio and ProfitStars provides small businesses with ProfitStars’s accounts-receivable financing solution, BusinessManager, as well as access to the company’s LendingNetwork alternative-financing referral program.
The goal is to make it easier for small businesses to obtain the capital they need to grow and expand. BusinessManager is a web-based financial program that lets businesses sell their accounts receivables to their bank at a discount on a daily basis.
The LendingNetwork provides financing to creditworthy business customers through a network of more than 20 commercial providers. It serves as an option for those customers unable to access traditional lines of credit.
Lendio matches lenders with small businesses owners seeking financing. The company was founded by Brock Blake (CEO) and Trent Miskin (CTO) in 2006, and is based in South Jordan, Utah, near Salt Lake City. Lendio includes among its partners companies like legal zoom, Experian, and Dun & Bradstreet Credibility Corporation.
ProfitStars is a division of Jack Henry & Associates focusing on developing products and services designed to help financial institutions control risks, minimize costs, and grow revenue.
Lendio demonstrated its lending platform as part of the FinovateSpring 2011 show in San Francisco. See the company’s presentation here
. ProfitStars demoed BudgetManager
at the FinovateSpring 2012 show one year later. A video of the demo is available here
Leveraging technology from a pair of Finovate alumni – Banno and ProfitStars, Generations Bank heralded the growth of its first mobile app, mygenmobile, in an announcement this week.
Adoption and participation rates with the new app have been impressive. According to Generations Bank, since its January launch:
- More than half of the app users have accessed it more than 10 times.
- The top 10% have accessed the app 45 times or more. The top 5% accessed it 60 times or more, and the top 1% of subscribers accessed it 95 times or more.
- During May the bank’s billpay subscribers increased by 30% with bill pay transactions up to 16%, year over year.
Generations Bank is based in Seneca Falls, New York, and has more than $260 million in total assets. The bank launched its app at the beginning of the year, and has picked up more than 600 mobile banking customers since. Mobile users account for 30% of its online banking base.
Banno specializes in helping financial institutions use their own banking data to better understand their customers and grow their businesses. ProfitStars, a division of Jack Henry & Associates, develops software solutions ranging from imaging and payments processing to security and risk management.
Both companies are veterans of FinovateSpring in San Francisco. Banno presented its marketing solution for banks, Banno Kernel
as part of the 2013 show. ProfitStars was on the Finovate stage one year earlier, demonstrating their Budget Manager
technology. Banno’s demo is available here
. See ProfitStars at work here