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Finovate Alumni News– March 27, 2014

By Julie Muhn (@julieschicktanz) Posted on
Categories: Cachet Financial Solutions, InComm, Jumio, Prosper, Trustev, TSYS
  • Finovate-F-Logo.jpgTSYS partners with Virgin Money to provide consumer credit processing services for UK customers.
  • Cachet Financial Solutions appoints Darin McAreavey as EVP and CFO.
  • Prosper to cross the $1 billion mark in personal loans originated through its platform next week, hosts giveaway.
  • Tech Zulu interviews Trustev after the company’s win at SXSW Accelerator.
  • Jumio to help form Identity Security Network with eight leading Bitcoin exchanges.
  • InComm’s corporate B2B store enables retailers to streamline management of corporate gift card sales.
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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Eleven Finovate Alums Win Awards at PYMNTS Innovation Project 2014

By David Penn Posted on
Categories: Bill.com, Credit Karma, Klarna, Lending Club, Mitek, PayNearMe, PayPal, PaySimple, Prosper, Ripple, Venmo

Innovation_Project_2014_pymnts_logo.jpg

The votes are in. The judges have decided. And 11 Finovate alums have earned awards at the 2014 PYMNTS.com Innovation Project, including three gold medals.

Finovate alums won awards in a diverse range of categories, from “B2B Innovation” to “Best Comeback Story.” Areas where alums dominated included “Best Credit Innovation,” where Credit Karma, Lending Club, and Klarna swept the field, as well as “Best Innovation via ACH” and “Best Check Innovation.”

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The Innovation Project is “powered by PYMNTS.com,” a joint venture between BusinessWire and Market Platform Dynamics. The event is in its second year, and was again held at Harvard University in Cambridge, Massachusetts.
A total of 49 awards were presented. Gold, silver, and bronze in fifteen categories, plus singular Catalyst, Women Driving Innovation in Payments, Lifetime Achievement, and Best in Show awards. 

Also announced were three inductees to the Payments Hall of Fame.
See how the rest of the Finovate family fared below.




Catalyst Award 
  • International e-commerce payments and money transfers
  • Finovate demo video: Europe 2012
Gold
  • Best B2B Innovation
  • Cash flow management solution for business integrating electronic payments, accounting, digital documents, and more
  • Finovate demo video: Spring 2012
  • Best Credit Innovation
  • Aggregates consumer financial data from bank accounts and credit scores to mortgage loans in one location
  • Finovate demo video: Startup 2009
  • Best Check Innovation
  • Enables check payments without having to write paper checks
  • Finovate demo video: Spring 2012
Silver
  • Best Credit Innovation
  • Online, peer-to-peer lender
  • Finovate demo video: Startup 2009
  • Best Cash Innovation
  • Cash transaction network 
  • Finovate demo video: Spring 2013
  • Best New Technology
  • Open-source, distributed payment protocol
  • Finovate demo video: Spring 2013
  • Best Innovation via ACH
  • Best Check Innovation
  • Send money to a Venmo account, bank account or supported debit card for free
  • Finovate demo video (with Braintree): Spring 2013
Bronze
  • Most Innovative Company
  • E-commerce solution mitigates credit and fraud risk for online merchants 
  • Finovate demo video: Spring 2012
  • Most Disruptive Innovation
  • Best Comeback Story
  • Peer-to-peer lending
  • Finovate demo video: Finovate 2007
  • Best Credit Innovation
  • Best Innovation via ACH
  • Solution leverages mobile device camera to enable check deposit, account opening, and bill pay.
  • Finovate demo video: Fall 2013

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Finovate Alumni News– March 11, 2014

By Julie Muhn (@julieschicktanz) Posted on
Categories: Actiance, Check Point, EyeVerify, Kashoo, Lending Club, Lighter Capital, Monitise, Moven, Prosper, SafetyPay, TradeHero, Xero
  • Finovate-F-Logo.jpgLighter Capital provides $1 million in growth funding to 3 tech startups.
  • Check Point collaborates with VMware to provide network security for the private cloud.
  • Monitise now offers mobile alerting software as a standalone product.
  • Moven launches its mobile-first bank to public.
  • ClickZ features Actiance’s compliance specialist, Joanna Belbey.
  • SafetyPay and GlobalShopex partner to provide a secure international shipping solution for U.S. ecommerce sites.
  • MacWorld Business lists Kashoo and Xero among their favorite online business accounting apps.
  • Wells Fargo reversal on P2P loan ban for staff is good news for companies like Lending Club and Prosper.
  • Kansas City Star features local biometric security startup, EyeVerify.
  • TradeHero launches Android version of their stock market simulation app.
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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Finovate Alumni News– January 29, 2014

By David Penn Posted on
Categories: ACI Worldwide, Feedzai, Fiserv, Kensho, Prosper, TSYS
  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgKensho raises $10 million in seed funding ahead of Finovate debut.
  • ACI Worldwide partners with Integrated Research to launch Prognosis 10 for Payments.
  • TSYS CEO assures his company has no exposure from Target data breach.
  • Fiserv announces availability of its Vantage Risk and Budgeting Manager application as a hosted SaaS option.
  • Prosper selects First Associates to provide backup loan servicing for its P2P lending platform.
  • Feedzai brings its fraud prevention solutions to United States. Come see Feedzai’s live demo at FinovateEurope February 11-12.
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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Finovate Alumni News– January 24, 2014

By Julie Muhn (@julieschicktanz) Posted on
Categories: ACI Worldwide, Better ATM Services, CSI globalVCard, CurrencyFair, Kabbage, Lending Club, Personal Capital, Prosper, Trustev
  • Finovate-F-Logo.jpgPersonal Capital “zips past the $350 million mark,” reports growth rates of +10% month-over-month.
  • Inc. features Kabbage’s growth & how it has extended $200+ mil in funding to SMBs in just 2.5 years of operations.
  • FINalternatives looks at P2P lending growth and evolution, including Lending Club and Prosper.
  • Ovum research report highlights ACI Worldwide’s leadership in payment switching industry.
  • MarketWatch features Better ATM Services in report on the next generation of ATMs.
  • CSI globalVCard named a finalist in two categories in 2014 Stevie Awards.
  • RTE News takes a look at Irish fintech startups including CurrencyFair and Trustev. Watch Trustev demo its technology at FinovateEurope 2014.
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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Finovate Alumni News– January 3, 2014

By David Penn Posted on
Categories: Bill.com, Mint.com, P2BInvestor, PayPal, Prosper
  • FinovateLOGO.jpgFinovate alumni raise $825 million in 2013, up 79%.
  • PayPal extends lending opportunities to 90,000 of its U.S. merchants.
  • Mint launches weekly $500 lottery award to users for updating or building a new budget using the app.
  • P2Binvestor co-founder and COO Krista Morgan talks small business lending with author Matthew Lesko.
  • Bill.com teams up with TechAtlantis to offer automated 1099-MISC e-filing via Tax1099.com.
  • San Francisco Business Times features Prosper.
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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Finovate Alumni Raise $825 Million in 2013, Up 79%

By Julie Muhn (@julieschicktanz) Posted on
Categories: Affinity Solutions, Apprenda, Azimo, Bill.com, BillFloat, Cardlytics, Check, Clover Network, CoverHound, Credit Karma, CurrencyFair, DeviceFidelity, Doxo, Dwolla, ERN, Fenergo, FinanceIt, Flint Mobile, FTRANS, Funding, Heckyl Technologies, Jemstep, Kofax, Kony Solutions, LearnVest, Lendio, LendUp, Meniga, Moven, Narrative Science, Numbrs, On Deck Capital, OpenCoin, P2BInvestor, Payfone, PayNearMe, peerTransfer, Personal Capital, Ping Identity, Prestadero, Prosper, Q2ebanking, Receivables Exchange, SafetyPay, SeedInvest, Socure, SoMoLend, Spreedly, SumUp, Swipely, Taulia, TradeHero, Tradeshift, TransferWise, True Office, Trustev, Tuition.io, Wealthfront, Wipit, Xero, Zooz

FinovateFundingIMG.jpg

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.
2013YearEndTable.jpg
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.

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Finovate Alumni News– December 4, 2013

By David Penn Posted on
Categories: ACI Worldwide, BancVue, BBVA, Digital Insight, Doxo, Emida, EyeVerify, IntelliResponse, Intuit, Kabbage, MiiCard, Mint.com, Payoneer, PayPal, Prosper, RevolutionCredit, Taulia, TipRanks
  • BBVA Compass announces launch of BBVA Research iPad app.
  • Bank Innovation column on fintech in Israel features TipRanks and Payoneer.
  • Emida launches Handset and SIM Programs.
  • BancVue and other Credit Unions Help U-Haul Refinance Corporate Debt.
  • Prosper’s daily average loan originations grew almost 10% in November over October.
  • The Next Web reports: PayPal launches a digital gift store, featuring Apple as its sole launch partner.
  • City of Gig Harbor Launches on doxo; More than 5% of Residents Go Paperless in the First 90 Days.
  • Forbes: Kabbage Now Uses Square Data to Provide SMB Funding.
  • Mint is now available on Windows 8.1 and Windows Phone 8.
  • btcQuick Bitcoin Exchange working with miiCard to mitigate fraud.
  • EyeVerify interviewed on The Kansas City Power Lunch radio program.
  • IntelliResponse wins bronze in Best in Biz Awards’ Most Innovative Product of the Year category for 2013.
  • Intuit to purchase document startup company, Docstoc.
  • American Banker features Zaydoon Munir, founder of RevolutionCredit.
  • ACI Worldwide adds new executives, open new South American HQ in Sao Paolo, Brazil.
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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Finovate Alumni News– November 4, 2013

By David Penn Posted on
Categories: BancBox, Betterment, Cardlytics, Fiserv, Lighter Capital, Meniga, Prosper
  • Thumbnail image for Finovate-F-Logo.jpgAlly Bank integrates Fiserv’s Popmoney into its set of mobile payment options.
  • Collaboration between Meniga and Promsvyazbank (PSB) brings custom-designed PFM solutions to Russian market.
  • Cardlytics announces launch of advertising platform with Lloyd’s Bank in the UK.
  • Betterment upgrades its iPhone app, launches new Android app.
  • Prosper reports $50 Million in Loan Originations in October.
  • Crowd Valley partners with BancBox, CrowdBouncer to Support Online Funding Markets.
  • Lighter Capital launches $15k Dreamforce giveaway.
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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Third Quarter 2013 Funding for Finovate Alumni — More than $171 Million Raised

By David Penn Posted on
Categories: Azimo, Check, ERN, FTRANS, Kofax, LearnVest, Lendio, Meniga, Moven, Narrative Science, Numbrs, P2BInvestor, Ping Identity, Prestadero, Prosper, SafetyPay, Socure, SumUp, Taulia, Wipit

bagofmoney.jpg

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.

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Prosper Brings in $25 Million, Adds Blackrock as Investor

By Julie Muhn (@julieschicktanz) Posted on
Categories: Prosper

Long-time P2P lending player Prosper announced yesterday that it raised $25 million in private equity funding.

Existing investor Sequoia Capital and newcomer Blackrock Ventures both participated in the round.

The new installment, combined with the $20 million in private equity it received in January from Sequoia Capital, and its previous venture rounds of $75 million, bring the San Francisco-based company’s total funding to $120 million.

Since launching in 2006, the P2P lender has acquired almost 2 million members and has funded $630 million in personal loans. It is growing at 100% year-over-year in revenue and new loans.

Prosper demonstrated at the first Finovate, held in 2007 in New York.

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Kony at #28, Five Other Finovate Alums Make Inc. 5000 for 2013

By David Penn Posted on
Categories: Authentify, Capital Access Network, CashStar, Kony Solutions, On Deck Capital, Prosper

Thumbnail image for Thumbnail image for inc5000Logo2.jpg

Congratulations to six Finovate alums named to the Inc. 5000 list of America’s fastest growing companies.

The list included two Finovate alumni in the top 500: Kony Solutions (#28), and CashStar (#108). Prosper just missed the top 500, ranking #548. Also on the list were OnDeck (#660), Authentify (#2,328), and Capital Access Network (#4,535).

*
Rank: #28
Description: Offers a codebase for developing mobile and multichannel applications

Thumbnail image for Kony.jpg

3-year revenue growth: 79x (eg. 7,900%)
2012 revenue: $51.1 million
2009 revenue: $648,000
Employees: 1100
3-year employee growth: 1003
Founded: 2007
Additional honors: #2 Top 100 Software Companies, #4 Top 100 Florida Companies
Rank: #103
Description: Hosts and maintains a transaction platform for retailer-branded gift card programs
3-year revenue growth: 35x

Thumbnail image for CashStar.jpg

2012 revenue: $9.7 million
2009 revenue: $276,000
Employees: 96
3-year employee growth: 73
Founded: 2008
Additional honors: #6 Top 100 Software Companies, #3 Top 100 Maine Companies
Rank: #548
Description: Peer-to-peer lending marketplace
3-year revenue growth: 9.3x

prosperlogo1.jpg

2012 revenue: $6.8 million
2009 revenue: $732,000
Employees: 84
3-year employee growth: 50
Founded: 2006
Additional honors: #36 Top 100 Financial Services Companies #97 Top 100 California Companies, #31 San Francisco Metro Area
Rank: #660
Description: Small business lender
3-year revenue growth: 8x

Thumbnail image for OnDeckLogo.jpg

2012 revenue: $36.7 million
2009 revenue: $4.6 million
Employees: 153
3-year employee growth: 117
Founded: 2007
Additional honors: #41 Top 100 Financial Services Companies, #40 Top 100 New York Companies, #5 New York City Metro Area
Rank: #2,328
Description: Delivers automated, multi-factor authentication services
3-year revenue growth: 2.6x

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2012 revenue: $14 million
2009 revenue: $5.5 million
Employees: 37
3-year employee growth: 13
Founded: 1999
Additional honors: #36 Top 100 Security Companies
Rank: #4,535
Description: Provides working capital and data services to small businesses
3-year revenue growth: 49%

Thumbnail image for CapitalAccessNetworkLogo.jpg

2012 revenue: $152 million
2009 revenue: $102 million
Employees: 425
3-year employee growth: 144
Founded: 1998

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