- Moven CEO Brett King says Apple Pay anticipates the end of physical bank cards.
- United Way Worldwide now accepts bitcoin courtesy of Coinbase.
- Monitise releases fiscal year 2014 financial results; announces new strategic partnership with Santander.
- Business Spectator looks at how Apple, Google, Lending Club, and SocietyOne are part of “banking’s double disruption.”
- Allied Payment Network announces integration of FlexPay with PicturePay.
- Feedzai teams up with Azul Systems to speed its real-time data analysis.
- The Washington Post features Betterment and HelloWallet.
- Millicom and Kalixa partner to offer payment acceptance services for businesses and consumers in Africa and Latin America.
- ProfitStars introduces Gladiator Hosted Network Solutions to enable FIs to move their IT infrastructures to the cloud.
- Rippleshot, Braintree highlighted in Chicago Tribune column as examples of local contributors to the commerce infrastructure.
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.
Want some context on the torrid pace of fintech financing in the first three months of 2014?
Consider this: a year ago, fourteen Finovate alums raised a total of more than $150 million in the first quarter of 2013.
A year later, we have just nine alums raising more than twice as much in the month of March alone.
March Madness, indeed.
Q1 of 2014 saw 23 Finovate alums walk away with just under $600 million in capital. The biggest haul of the quarter came courtesy of Klarna
, which raised more than $125 million.
But there were plenty of similarly impressive fundraisings, including the $85 million raised by Credit Karma
, and the $77 million and $75 million secured by OnDeck
Total raised = More than $592 million
January — $91 million raised by seven companies
February — $139 million raised by seven companies
March — $362 million raised by nine companies
Australia-based P2P lending company SocietyOne announced earlier this week that it received its first round of funding, which totaled $8.5 million.
This series A round comes from Reinventure, Global Founders Capital and private investor Justin Reizes.
The most notable of these investors is Reinventure, which is a new venture capital manager funded by Westpac Banking Corp. According to the Financial Review, Westpac is believed to be the first bank in the world to take an equity stake in a P2P lending organization.
Managers of Reinventure, which contributed $5 million to SocietyOne’s $8.5 million round, say they are keeping the new fund at arm’s length from Westpac Bank. Despite the distance, Westpac hopes the investment will help it to gain insight into SocietyOne’s proprietary algorithm that assess the creditworthiness of borrowers.
Founder and CEO Matt Symons says that the funding will allow the company to accelerate its growth rate because it will:
- Enable it to offer more borrowers a better deal
- Give more investors access to attractive fixed income asset classes
SocietyOne’s platform, which won Best of Show at FinovateAsia 2012, connects creditworthy borrowers with investors looking for better rates of return.
To see SocietyOne’s award-winning demo, check out the video here.