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Tracking fintech, banking & financial services innovations since 1994
Today is Earth Day, and what better way to celebrate than to take a look at fintechs helping out the environment by promoting eco-friendly habits. Here we feature companies with technology that saves trees by reducing the amount of paper used in the industry.
We’ve rounded up a handful of environmentally friendly fintechs in three categories: digital invoicing, paper-free mortgages, digital receipt printing, and paperless onboarding.
By taking the invoicing process digital, small businesses not only save paper, they can also save time and potentially receive payment faster, freeing up working capital they can put back into their operations.
Paper.id provides SMEs with invoicing tools and payment integration. The company offers tools to help businesses issue their invoices digitally and receive payment via electronic payment methods. Paper.id demoed at FinovateFall 2018
Charlie-India’sInvoicing Hub is a white label e-invoicing platform for banks and service providers. The tools allow SME bank clients to send, view, process, and pay their invoices within the bank’s online interface. Charlie-India demoed at FinovateEurope 2018.
Tradeshift offers an e-invoicing service that connects companies with suppliers, customers and partners. Among the applications available on the platform are e-invoicing, electronic purchase orders, and automated document validation. Tradeshift demoed at FinovateEurope 2012.
Mortgage technology is one of the last frontiers in fintech. Regulation and oversight have made the home-buying process somewhat resistant to disruption. In the past few years, however, we’ve seen a handful of startups working to digitize the mortgage process, removing the need for hundreds of sheets of paper required to close a home loan.
Namaste Credit is an India-based startup that serves as an online marketplace for mortgage loans. The service connects borrowers with relevant lenders to help them find the loan that best suits their circumstance. Namaste Credit demoed at FinovateFall 2018.
Tavant Technologies offers VELOX, a suite of digital products ranging from searching for a home to closing on the loan. VELOX completely automates the process, making compliance more efficient and reducing the need for paper. Tavant Technologies demoed at FinovateSpring 2017.
Roostify seeks to give consumers a better way to find and purchase a home. The company’s digital platform offers everything from digital customer onboarding to transparent, digital fulfillment to help lenders offer their clients a more efficient mortgage borrowing experience. Roostify demoed at FinovateSpring 2018.h
Digital receipt printing
Many retailers ask customers if they want to keep their receipt, but even if the answer is “no” the cashier still prints the receipt and throws it in the trash behind the counter. Digital receipt printing eliminates both the paper– and the awkward line of questioning– all together by sending the customer an email receipt.
Dream Payments’ cloud-based platform offers a mobile POS device that not only accepts debit and credit cards, but also provides analytics, reports, and gives customers digital receipts. Dream Payments demoed at FinovateSpring 2015.
CardFlight offers an API that allows merchants to accept online and offline payments within their own app. The company’s encrypted mobile magstripe reader, combined with its API, offer flexibility while keeping payments– and receipts– digital. CardFlight demoed at FinovateSpring 2013.
ShopKeep’s POS technology takes a merchant’s cash register to an iPad. The register accepts a range of payments, from magstripe, to EMV, to Apple Pay; plus provides inventory management tools and purchase reporting analytics. The company’s mobile checkout flow also offers a paper-free, email receipt option. ShopKeep demoed at FinovateFall 2012.
Considered a must for millennials, paperless onboarding not only speeds up the application process, it also reduces errors, eases compliance, and eliminates the need for in-person bank visits.
Five Degrees specializes in core banking technology. The company’s Matrix offering helps banks provide SMEs a fully automated, paperless loan onboarding experience. The paperless process lowers cost for both parties while expediting funds. Five Degrees demoed at FinovateAsia 2017.
Quadient, formerly GMC Software, helps organizations create a better customer experience. The company’s Mobile Advantage solution is an omni-channel tool that offers digital statements and billing, paperless onboarding, and client e-signature. In addition to improving the customer experience, this combination speeds up workflows and reduces error. Quadient demoed at FinovateFall 2017.
Mitek combines digital onboarding with identity verification tools. The company helps banks authenticate an applicant’s ID document and combines this with additional identifying paperwork. The supplemental documents not only verify the customer’s identity, but also provide additional information that can be used in loan underwriting to create a more complete picture of the applicant’s financial state. Mitek demoed at FinovateFall 2017.
In its largest round of funding yet, point of sale (POS) technology company ShopKeep POSclosed on $65 million in combined debt and equity funding, bringing its total funding to just over $72 million.
The investment was led by Tribeca Venture Partners and included all of the New York-based company’s major existing investors. New contributors include First Data Corporation and Salesforce Ventures. The debt portion of the round comes from ORIX Growth Capital and Square 1 Bank.
“We are extremely fortunate to be backed by some of the top investors in both fintech and SaaS. With the latest investments from Salesforce Ventures and First Data, ShopKeep has firmly established its position as a leader in SaaS based point-of-sale and payment platforms,” said ShopKeep CEO Michael DeSimone.
Founded in 2008, ShopKeep offers iPad-based POS software for retail, restaurants, and franchises. Not only does the technology process transactions and payments, it also offers inventory tracking, staff management, marketing capabilities, and provides reporting and analytics tools. The company will use the funds to boost its Android-based platform, which it launched in May of this year; expand ShopKeep Capital, an initiative that provides working capital to ShopKeep customers; and explore international markets.
“With our recurring revenue almost tripling in the past 3 years, the small business community continues to show incredibly promising – and accelerating – growth potential. ShopKeep will continue working tirelessly to deliver small business owners with technology and digital tools to fuel their businesses and compete in today’s marketplace at all levels,” DeSimone added.
ShopKeep is headquartered in New York City, with offices in Oregon, Illinois, and Belfast. The company’s founder Jason Richelson demoed the point-of-sale platform at FinovateSpring 2012. ShopKeep processes more than 289 million transactions for 25,000 merchant clients across the U.S.
Point of sale technology provider ShopKeep is offering its small business clients more options this week. That’s because the company launched an Android version of its software.
The company’s plan with the new Android version of the ShopKeep Register app is to broaden the hardware choices for small and independent business owners. ShopKeep currently serves more than 25,000 independent retailers and restaurants and aims to lower startup costs for entrepreneurs, who can now buy a turnkey hardware solution for $499.
Until today’s announcement, the New York-based company had deployed its app exclusively on Apple’s iOS platform. ShopKeep, which originally partnered with First Data in Q1 2017, is piloting the Android launch on First Data’s Clover Mini device. It will be available on the larger Clover Station in the third quarter of this year. ShopKeep also plans to leverage additional partnerships to deploy its Register app on other devices later this year.
“Extending ShopKeep to Android-based hardware platforms ensures that both our customers and partners have access to the full range of device options available in the market,” said Michael DeSimone, ShopKeep CEO. “We are very excited to deploy our solution on the Clover platform as a first step in expanding the availability of ShopKeep in the market, and plan to extend our reach onto several hardware platforms through the back half of 2018.”
ShopKeep founder Jason Richelson demoed the point-of-sale platform at FinovateSpring 2012. The company supports more than 289 million transactions annually and has processed $7 billion in transaction volume since it was founded in 2008. Last month, ShopKeep expanded its payment processing capabilities to include TSYS‘ ProPay.
Cloud payments and point-of-sale system startup ShopKeep has integrated with the Clover Mini by deepening ties with First Data.
First Data, which acquired Clover in 2013 for its point-of-sale (POS) technology, first strengthened its strategic partnership in February of last year by making ShopKeep’s software available to clients in First Data’s distribution network. Following that move, First Data participated in a strategic investment round in ShopKeep in late 2017.
Adding ShopKeep to the Clover Mini, an all-in-one POS device with an integrated receipt printer, will help streamline merchant operations, improve the customer experience, and expand business intelligence in a secure environment.
Michael DeSimone, CEO of ShopKeep said, “We highly value our partnership with First Data and their continued investment in expanding the capabilities of the Clover platform clearly demonstrates their commitment to U.S. small businesses.”DeSimone added, “We are excited for both our present offering, as well as all future initiatives with First Data and Clover technology.”
And this seems to be just the start of even further integration. ShopKeep, which began selling Clover Mini in December, plans to further expand its partnership with First Data across multiple hardware and payment platforms.
ShopKeep founder Jason Richelson demoed the point-of-sale platform at FinovateSpring 2012. In November of last year, the New York-based company integrated with digital knowledge management company Yext to offer merchants access to the Yext Knowledge Manager directly from the ShopKeep back office interface.