Prosper

Alumni News– October 27, 2014

By David Penn Posted on
Categories: Azimo, Encap, Expensify, Feedzai, FutureAdvisor, Nutmeg, PayNearMe, Prosper, SocietyOne, The Currency Cloud, Thinknum, TransferWise, Xignite, Zopa
  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgFeedzai and Encap Security team up to combine behavioral profiling with device credentialing to build better security for banks and merchants.
  • CB Insights lists Nutmeg, TransferWise, The Currency Cloud, and Azimo among the 10 top fintech startups from the UK.
  • The Guardian Money section looks at peer-to-peer lender including Zopa.
  • TWiST (This Week in Startups) interviews FutureAdvisor Co-Founder and CEO Bo Lu.
  • Prosper reaches $2 billion, reaching the second billion dollars in just 6 months.
  • Payment processing solutions provider, Bill2Pay, partners with PayNearMe to digitize cash collections.
  • The Australian Business Review features Matt Symons, SocietyOne co-founder.
  • EVO* Snap launches mPOS Solution Supporting Apple Pay and EMV Globally.
  • MedicalMine and Bluefin Partner for Integrated Patient Payments.
  • Check out our feature on Xignite: Inspiring the Future of Finance with Easy and Speedy APIs
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.

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Alumni News– October 14, 2014

By David Penn Posted on
Categories: Arxan Technologies, Backbase, Coinbase, Deluxe, edo Interactive, Fiserv, Forte Payment Systems, Holvi, Malauzai Software, MasterCard, Prosper, Taulia, Xignite
  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgFinovate Debuts: Malauzai Software.
  • Cross County Savings Bank to deploy DNA account processing platform from Fiserv.
  • Apps from MasterCard and Deluxe earn spots in PaymentsSource’s “8 Wallet Apps That Go Beyond Payments.”
  • Arxan and Xamarin extend Mobile Application Protection to developers.
  • Coinbase hires former Sr. adviser to Homeland Security & Gov’tl Affairs Committee, John Collins, to head gov’t affairs.
  • Equities.com interviews Prosper.com’s Ron Suber regarding CFGE, Peer-to-Peer Lending and Working with Big Banks.
  • RBS partners with Taulia to offer dynamic discounting with e-Invoicing to corporate customers.
  • Backbase named a visionary in the Gartner’s Magic Quadrant for Horizontal Portals 2014.
  • Holvi accounts now use International Bank Account Numbers (IBANs).
  • Forte Payment Systems announces new partnership with The Master’s Touch, LLC to power eNoticesOnline bill presentment service.
  • Visa Europe partners with edo to make its performance marketing platform available to 500 million European bankcards.
  • Xignite teams up with FactSet to provide fundamental market data from the cloud.
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.

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Alumni News– September 10, 2014

By Julie Muhn (@julieschicktanz) Posted on
Categories: AcceptEmail, Braintree, Cachet Financial Solutions, Credit Sesame, Dwolla, Loop, Prosper, Tradeshift, Trustly, TSYS, VISA
  • Finovate-F-Logo.jpgAmerican Banker: TSYS and Visa have announced their tokenization technology will support Apple Pay http://bit.ly/WIBIwx
  • Credit Sesame and Prosper partner.
  • Cachet Financial receives order from top tier credit union in the U.S. for mobile money management platform, Select Mobile Money.
  • AcceptEmail selects Worldpay to power its international e-billing solutions.
  • Trustly releases open source alternative messaging technology for FIs, BankAPI.
  • Loop co-founder and CTO George Wallner weighs in on Apple Pay in Time.com Money column.
  • Visa teams up with the National Football League to promote Visa Checkout. See Visa at FinDEVr this fall.
  • Braintree to support Apple Pay. Come see Braintree at FinDEVr this September 30 through October 1 in San Francisco.
  • Business Insider profiles Christian Lanng, Co-Founder and CEO of TradeShift.
  • Dwolla CEO and Founder Ben Milne talks about the role of Apple as a new entrant in the mobile payments industry.
    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.

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    Alumni News– September 5, 2014

    By Julie Muhn (@julieschicktanz) Posted on
    Categories: Cachet Financial Solutions, Fenergo, Lending Club, MasterCard, Prosper, Simple, Trustev
    • Finovate-F-Logo.jpgCachet Financial Solutions will deploy its Select Business RDC merchant solution for leading regional bank.
    • Lending Club opens to investors in Vermont.
    • Forbes talks with Simple CEO Josh Reich on how a bank can be a brand you love.
    • MasterCard provides payment services for Basware Pay, an automated supply chain finance system. See MasterCard at FinDEVr in San Francisco.
    • Fenergo announces expansion into Asia-Pacific region.
    • Trustev to deploy its anti-fraud technology in RadioShack stores and online.
    • Courtesy of Nasdaq.com, NerdWallet features Prosper and Lending Club in its look at the rise of P2P lending.
    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.

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    Alumni News– August 25, 2014

    By David Penn Posted on
    Categories: Betterment, BillGuard, Dynamics, Financial Guard, FutureAdvisor, Geezeo, inStream Solutions, Jemstep, Kabbage, Lending Club, Motif Investing, Moven, On Deck Capital, Prosper, SigFig, Top Image Systems, Wealthfront
    • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgSan Antonio Federal Credit Union to integrate Geezeo PFM technology.
    • On Deck partners with Worldpay to provide access to financing for small and medium-sized merchants.
    • PaymentsSource features Dynamics ePlate among its list of “7 unusual emerging payments technologies.”
    • Top Image Systems announces patent for full page mobile image processing.
    • The New York Times profiles Financial Guard, Motif, Betterment, FutureAdvisor, Jemstep, SigFig and Wealthfront .
    • InStream Solutions launches comparison tool.
    • Moven expands internationally, signs deal with New Zealand-based Westpac.
    • HuffPo profiles Prosper, Lending Club, and Kabbage in column on the rise of online lending.
    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.

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    Alumni News– August 6, 2014

    By David Penn Posted on
    Categories: Betterment, Feedzai, FutureAdvisor, Insuritas, Kapitall, Kreditech, LearnVest, Motif Investing, Personal Capital, Prosper, Radius, Ripple, SigFig, TradeKing, Wealthfront
    • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgYahoo! Germany looks at financial innovation in Kreditech.
    • Prosper earns a spot on the 2014 AlwaysOn Global 250 Top Private Companies roster.
    • Feedzai launches anti-fraud, transaction scoring apps for Shopify and Big Commerce.
    • Forbes.com features Betterment, FutureAdvisor, Kapitall, LearnVest, Motif Investing, Personal Capital, SigFig, and Wealthfront in a discussion on Millennial generation investment habits.
    • Richard Hagen, CEO of TradeKing Advisors, named to WealthManagement.com’s “Ten to Watch in 2015”.
    • Insuritas announces partnership with Financial Partners CU to open and manage its turnkey insurance solution.
    • Bank Innovation highlights alums SigFig and Ripple in a discussion on “8 under the radar fintech startups you should know.”
    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.

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    Alumni News– August 6, 2014

    By Julie Muhn (@julieschicktanz) Posted on
    Categories: Betterment, Feedzai, FutureAdvisor, Insuritas, Kapitall, Kreditech, LearnVest, Motif Investing, Personal Capital, Prosper, Radius, Ripple, SigFig, TradeKing, Wealthfront
    • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgYahoo! Germany looks at financial innovation in Kreditech.
    • Prosper earns a spot on the 2014 AlwaysOn Global 250 Top Private Companies roster.
    • Feedzai launches anti-fraud, transaction scoring apps for Shopify and Big Commerce.
    • Forbes.com features Betterment, FutureAdvisor, Kapitall, LearnVest, Motif Investing, Personal Capital, SigFig, and Wealthfront in a discussion on Millennial generation investment habits.
    • Richard Hagen, CEO of TradeKing Advisors, named to WealthManagement.com’s “Ten to Watch in 2015”.
    • Insuritas announces partnership with Financial Partners CU to open and manage its turnkey insurance solution.
    • Bank Innovation highlights alums SigFig and Ripple in a discussion on “8 under the radar fintech startups you should know.”
    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.

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    Alumni News– July 9, 2014

    By David Penn Posted on
    Categories: Andera, Check, Encap, Lendio, Prosper, Ripple
    • Finovate-F-Logo.jpgBank Systems & Technology: Consumers CU Expands National Footprint with Andera’s Online Account Opening Solution.
    • Lendio launches free version of prospect mgmt software, Pipeline, for the business loan process.
    • Encap Security joins the Fast Identity Online (FIDO) Alliance to change the nature of online authentication by reducing reliance on passwords.
    • LendAcademy takes a look at $146 million in new loan originations in June for Prosper.
    • And speaking of Prosper, Altifi.con’s This Week in Crowdfunding features Prosper CEO Ron Suber.
    • Rebranded version of Ripple Client, Ripple Trade emerges from two-month soft launch.
    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.

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    BBVA Compass Teams Up with OnDeck to Better Score Small Biz Borrowers

    By David Penn Posted on
    Categories: BBVA Compass, Kabbage, Lending Club, On Deck Capital, Prosper

    ondeck_logo_new.jpg

    The only thing keeping pace with the investment interest in alternative lenders from Prosper to Kabbage may be the growing partnership interest from banks.

    Earlier this week we reported on the deal between Lending Club and Union Bank. Today we learn that BBVA Compass will be working with OnDeck to develop better ways to provide loans to its small business clients.

    Specifically, BBVA Compass will be relying on OnDeck’s OnDeck Score. This technology allows banks and financial institutions to review thousands of relevant data points, including social data points, to help determine a would-be borrower’s suitability for a given loan.
    This new initiative is a big deal for OnDeck, and represents the first such collaboration with a bank the size of BBVA Compass. Founded in 2007 and led by CEO Noah Breslow, OnDeck made headlines a month ago when it announced a $77 million funding round led by Tiger Capital. The company specializes in combining loan underwriting analysis with the merchant’s own business data to determine a potential borrower’s creditworthiness faster than traditional lenders.
    The average loan from OnDeck is $40,000, and loans can run as high as $250,000. Terms range from as little as three months to two years. The company demoed its technology at FinovateSpring 2012.

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    Finovate Alumni News– May 7, 2014

    By Julie Muhn (@julieschicktanz) Posted on
    Categories: Actiance, App Annie, BancBox, BBVA Compass, Credit Sesame, Dashlane, Jack Henry, Kabbage, On Deck Capital, Personal Capital, Prosper, Striata, TradeHero
    • Finovate-F-Logo.jpgiFactor and Striata partner to offer robust push ebill solution to utilities.
    • Kingdom Trust and Bancbox partner to streamline the crowdfunding and P2P lending platform experience for the IRA investor.
    • Alternative lending pays up: Kabbage raises $50 million, Prosper pulls in $70 million.
    • Actiance extends Socialite to include Google+ & YouTube.
    • VentureBeat looks at the rise of P2P lending of many Finovate alums and predicts $1 trillion in loans by 2025.
    • App Annie now lets app developers track ads, app store optimization.
    • TradeHero launches a Chinese version, bringing the stock market game to traders in China.
    • Lend Academy speculates Prosper now valued $600 million, up from a $100 million valuation around eight months ago.
    • Personal Capital reaches 500,000+ registered users. Now is tracking over $70+ billion in & is managing $500 million in assets for clients.
    • Credit Sesame offers Target customers free ID protection, credit monitoring and credit scores without deadlines.
    • Jack Henry Banking’s Core Director processing platform deployed by Oklahoma State Bank and The Bank of Clovis in New Mexico.
    • BBVA Compass teams up with On Deck Capital to better score small business borrowers.
    • WSJ Personal Technology column recommends Dashlane as the “best way to manage online passwords.
    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.

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    Lending Club Announces Partnership with Union Bank

    By David Penn Posted on
    Categories: Kabbage, Lending Club, Prosper

    Thumbnail image for Thumbnail image for Thumbnail image for LendingClubLogo.jpg

    Between the proliferation of lenders at FinovateSpring 2014 demoing in San Jose last week, and today’s funding announcements from alums Prosper and Kabbage, it is clear that lenders in the 21st century will continue to demand their space in the fintech headlines.

    Today brings news that Lending Club has reached a deal that will allow Union Bank to sell loans from Lending Club. The two organizations will also work together to develop new credit products and services to be made available to customers of both companies. In a press release, Lending Club cited the combination of its low operating costs and Union Bank’s “strong balance sheet and large customer base” as one of the synergies contributing toward the deal.

    One key question is what sort of new credit products are Lending Club and Union Bank discussing? Details remain few and far between as this point. But this could be a significant development. It has been a goal of Lending Club to sell its loans to banks and other financial institutions. But the potential of a customer-facing link to Lending Club at FIs like Union Bank would be a very worthwhile opportunity for the P2P lender.
    Lending Club also recently announced raising $115 million in debt and equity, and an acquisition of Springstone Financial. Based in San Francisco, California, Lending Club has issued more than $4 billion in personal loans since the end of March 2014. The company has also more than doubled its annual loan volume annually since its 2007 launch. With more than $335 in total capital raised, Lending Club has been valued at nearly $3.8 billion.
    Union Bank is the primary subsidiary of UnionBanCal Corporation, a financial holding company with assets of more than $107 billion. Union Bank operates more than 400 branches in seven states in the U.S., as well as two international offices.
    The partnership between Lending Club and Union Bank was announced at the LendIt 2014 conference in San Francisco on Monday. The arrangement represents the largest such partnership Lending Club has inked to date, and comes in the wake of Wells Fargo’s decision to reverse, or at least clarify, a policy that banned its employees from participating in P2P lending platforms.

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    Alternative Lending Pays Up: Kabbage Raises $50 Million, Prosper Pulls in $70 Million

    Alternative Lending Pays Up: Kabbage Raises $50 Million, Prosper Pulls in $70 Million
    By Julie Muhn (@julieschicktanz) Posted on
    Categories: Funding, Kabbage, Prosper

    At FinovateSpring last week, we witnessed the popularity of alternative lending platforms as shown through Dealstruck, LendingRobot, and Venovate.

    Further underlining this trend, two players in the alternative lending space, Kabbage and Prosper, both announced funding today.

    KabbageLogo.jpg

    Kabbage, an Atlanta-based company that provides working capital to small businesses.
      • Funding: $50 million in Series D
      • Previous funding totaled $465 million in combined debt and equity
      • Contributing investors include:
        • SoftBank Capital 
        • TCW/Craton
        • Lumia Capital
        • David Bonderman
        • Warren Stephens
        • UPS’ Strategic Enterprise Fund
        • Peter Thomson’s Thomvest
        • BlueRun Ventures
        • MDV
      • Founded: 2009 
      • Last demoed at FinovateSpring 2013

    Kabbage plans to use the funding to boost its marketing efforts, build out its partnerships, and expand further internationally. It also has plans to better leverage big data for underwriting purposes.

    ProsperLogo

    Prosper, a P2P funding platform based in San Francisco.

    • Funding: $70 million.
      $50 million of this will be allocated to Prosper’s balance sheet. The remaining $20 million is a secondary round in which some shareholders are cashing out.
    • Previous funding totals $190 million
    • Contributing investors include: 
      • Francisco Partners
      • Institutional Venture Partners
      • Phenomen Ventures
    • Founded: 2006
    • Demoed at Finovate 2007

    Last month, Prosper announced $1 billion in total loans originated on its platform and it plans to reach $2 billion in total loans this year.

    It is speculated that this new round places Prosper at a $600 million valuation, up from a $100 million valuation around eight months ago.

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