Shoeboxed Acquired by Earth Class Mail

Receipt and business card digitization company Shoeboxed unboxed some major news today. The North Carolina-based company sold to Earth Class Mail, after having raised $2.5 million since it was founded in 2007. The terms of the deal were not disclosed.

Founded in 2004, Earth Class Mail offers a postal mail scanning and forwarding service to help businesses and frequent travelers clear paper clutter. The Texas-based company receives, processes, and digitizes clients’ paper mail. It then enables users to view, access, search, and share the cloud-hosted, digitized versions. After processing the paper copies, Earth Class Mail either stores physical copies on premise or shreds the paper, if the client prefers. Additionally, Earth Class Mail leverages integrations with third parties to automate actions required. For example, if the piece of mail is an invoice, it will send it to Bill.com or sync it to cloud storage. The company will even deposit a check on the user’s behalf.

With the acquisition of Shoeboxed, Earth Class Mail will help users get rid of another source of pesky paper– receipts.  Another benefit Earth Class Mail gains with the acquisition are Shoeboxed one million customers in 90 countries, half of which are small businesses in the U.S.

In an interview with TechCrunch, Shoeboxed CEO and co-founder Tobias Walter said, “The combined power of our two companies will be a massive shift for small businesses to finally become paperless and say goodbye to old workflows that cost them hours of their productivity. I could not be happier with the new home we found for the company, the team and our customers!”

At FinovateSpring 2015, Shoeboxed won Best of Show for demonstrating how banks can leverage the company’s receipt capture platform. In the demo, Walter showcased how banks can use Shoeboxed to help clients view line item data from email receipts, receive reminders about product return deadlines, product recall information, and more. Last August, the company launched Fetch, an “expense-report-free” expense reporting solution for small businesses.

Finovate Alumni News

On Finovate.com

  • Sentifi Secures Top Honors at Swisscom Startup Challenge 2018.
  • Shoeboxed Acquired by Earth Class Mail.

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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

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Around the web

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  • Xendpay launches Pay Day Initiative with no transfer fees or payment transfer limits.

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.

Shoeboxed Launches Fetch to Remove Blood, Sweat, and Tears from Expense Reporting

I once spent almost 4 hours of my workday completing my expense report for FinovateEurope. Painful. So the news that receipt and business card digitization company Shoeboxed is ushering a travel and expense reporting system out of beta this month caught my interest. The new product, Fetch, is an “expense-report-free” expense reporting solution for small businesses.

The idea for the new product came from Shoeboxed’s clients who were using the Shoeboxed platform as an expense management system– something the company never intended. As the Fetch blog post announcement explained, “While Shoeboxed serves as a state of the art receipt and business card digitization service, it was never meant to be a full-service expense reporting tool.”

Nine months of market testing and surveys revealed that consumers wanted an expense reporting tool that was not complicated or difficult to set up. So that’s what Shoeboxed built Fetch to be. The new product’s main objective “is to be the fastest tool on the planet for getting employees reimbursed for expenses.” The company stripped down the expense reporting process and “got rid of expense reports altogether.”

Fetch offers a streamlined way for employees to submit receipts, then batches the digitized documents and sends them in batches to team administrators for approval and repayment. To adjust to growing companies, Fetch can scale to different team sizes and adapt to organizational structures and workflow requirements.

Shoeboxed was founded in 2007 to help people turn paper receipts into organized digital data. The company’s one million account holders across 100 countries mail Shoeboxed their physical receipts, business cards, and bills and the company hosts the documents in a secure, digital format or exports the data to QuickBooks, Wave, Xero, Outright, Evernote, Excel, and more.

At FinovateSpring 2015, Shoeboxed won Best of Show for demonstrating how banks can leverage the company’s receipt capture platform. The company’s co-Founder, CFO & COO, Tobi Walter, showcased how banks can use Shoeboxed to help clients view line item data from email receipts, receive reminders about product return deadlines, product recall information, and more. Last summer, the company launched Direct Download for reports and in June of last year partnered with ScanSnap Cloud to offer a new way to scan receipts.

Finovate Alumni News

On Finovate.com

  • Shoeboxed Launches Fetch to Remove Blood, Sweat, and Tears from Expense Reporting

Around the web

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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

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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

  • Fintech Trending: Alt Lending Woes, Asia Grows, and Everbank Exits
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  • vaamo Partners with N26 (Formerly Number26)

Around the web

  • ayondo launches simulated trading app, the ayondo academy.
  • Chain announces new partnership with Initiative for Cryptocurrency and Contracts (IC3).
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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.

Shoeboxed Partners with ScanSnap Cloud for Receipt Scanning

Screen Shot 2016-06-14 at 8.24.19 AM

Email and mobile receipt-processing company Shoeboxed today announced a partnership that offers increased functionality to help small businesses import and organize their expenses.

The North Carolina-based company announced it is working with ScanSnap Cloud to help users scan receipts, documents, and business cards by using its iX500 and iX100 scanning devices.

ScanSnap, which has partnerships with companies such as Expensify, Evernote, and Dropbox, helps mitigate manual data entry by automatically extracting data and sorting scans in a way that is human-verified to be fully searchable.

Once the scans are uploaded, Shoeboxed extracts the data, which the user can export into other tools. Check out the video to learn more about the integration.

Founded in 2007, Shoeboxed presented at FinovateSpring 2015 where the company’s COO and cofounder Tobi Walter demonstrated receipt-capture for banks. The company’s team of 40 serves more than 1 million users in 100 countries.

Finovate Alumni News

On Finovate.com

  • “Shoeboxed Partners with ScanSnap Cloud for Receipt Scanning”
  • “Finovate Debuts: Race Data Helps Community Banks Turn Customer Data into Market Intelligence”
  • “Opentech Teams Up with MasterCard, Swiss Bankers to Launch Card Management App”
  • “HelloWallet Launches Savings and Debt Guidance Tool”
  • “Kasasa Reaches One Millionth Account”
  • Check out this week’s FinDEVr APIntelligence

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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.

 

Where Are They Now? A Look at FinovateSpring 2015 Best of Show Winners

Finovatefloor

FinovateSpring is quickly approaching. This year’s show, May 10 & 11 in San Jose, California, will be our biggest show yet with 72 winning ideas pitched to more than 1,500 fintech execs. Pick up your ticket to save your seat. While we’re eager to see this year’s demos, we wanted to reflect on the successes of last year’s Best of Show winners (in alphabetic order):


Alpha Payments Cloud

HQ: Singapore
Founded: 2012
Total funding: $12 million

APCStage

May 2015 demo: Alpha Payments Cloud showed AlphaHub, its omnichannel solution-access platform that helps banks, merchants, MSPs, and ISOs gain access to any solution provider in the world. (Demo video)

Partnerships, presentations, and product offerings since August 2015:


Avoka

HQ: Broomfield, Colorado
Founded: 2002

AvokaStage

May 2015 demo: Avoka showed Transact for Financial Services, which combines social, cloud services, and crowdsourcing into the world’s fastest credit card application. (Demo video)

Partnerships, presentations, and product offerings since September 2015:


MoneyAmigo

HQ: Las Vegas, Nevada
Founded: 2015
Funding: $300,000

MoneyAmigoState

May 2015 demo: MoneyAmigo debuted its new platform that brings financial services to the underbanked and underserved, delivering traditional banking products in an innovative way. (Demo video)

Activities and media coverage since May 2015:


Moven

HQ: New York, New York
Founded: 2011
Funding: $24.4 million

MovenStage

May 2015 demo: Moven introduced its Financial Health Platform that provides real-time, contextualized notifications and interactions that create “gamified money moments.” (Demo video)

Media coverage and new product features since October 2015:


NAMU Systems

HQ: Mahwah, New Jersey
Founded: 2014
Funding: $200,000

NamuStage

May 2015 demo: Namu debuted its Joyful Banking which uses new and intelligent behavior modeling to focus on customer behavior and digital experiences to create a new standard in mobile banking. (Demo video)

Namu’s awards and press coverage in 2015:


Shoeboxed

HQ: Durham, North Carolina
Founded: 2007
Funding: $2 million

ShoeboxedStage

May 2015 demo: Shoeboxed launched Receipt Capture for Banks solution which boosts the functionality of online and mobile banking apps while providing fraud protection. (Demo video)

Shoeboxed recently received media buzz for its product update and corporate move last year:


Stratos

HQ: Ann Arbor, Michigan
Founded: 2012
Funding: $6.63 million

StratosStage

May 2015 demo: Stratos debuted its dynamic Stratos Bluetooth Connected Card and Digital Card Issuance Platform that analyzes card usage trends and interactively engages card members. (Demo video)

Awards and activities: