Alumni News– November 3, 2014

  • 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.jpgMoney on Toast to outsource its administration to Equiniti Wealth Solutions.
  • Mitek announces Restrictive Endorsement feature to reduce risk of duplicate check deposits.
  • Azimo opens up money transfer service to Kenya’s M-Pesa.
  • Better ATM Services signs agreement with ATM manufacturer, Genmega.
  • Ixaris teams up with United bank for Africa (UBA) to bring its virtual card platform to 20 markets in Africa.
  • Socure scores $2.5 million to overcome evil with good.
  • Yantra Financial Technologies integrates Ripple Protocol into risk management system.
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 Alums LendingRobot, Wallaby Among 2014 Innotribe New York Winners

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Today, New York. Tomorrow, Boston and the world.

LendingRobot and Wallaby Financial were among the five companies to win the 2014 Innotribe Startup Challenge in New York last week. The two companies will join fellow winners, Epiphyte, Juntos Finanzas, and Standard Treasury – as well as winners from competitions held in Singapore and London – for the final competition in Boston this September where an overall winner for 2014 will be crowned.

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LendingRobot demoed its technology at FinovateSpring 2014 in San Jose. The company’s solution not only helps investors manage their P2P loan portfolios, but also uses automation to help them compete against experienced and institutional investors who themselves use technology to spot the best loans available from companies like Lending Club.

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Wallaby Financial helps consumers choose which credit card in their wallet is the optimal one to use with any given transaction. Demoing its Wallet Boost technology as part of the FinovateSpring show in 2013, Wallaby was recently in the news announcing a new service called WalletUp. Available from its new partner, CreditCards.com, WalletUp makes it even easier for consumers to have and use the best mix of credit cards for them.
Also participating in the Innotribe competition in New York were a handful of other Finovate alums including CUneXus, Socure, and Digital Retail Apps. See FinovateSpring 2014 demos of CUneXus here, and Digital Retail Apps here. Socure’s demo from FinovateFall 2013 is available here.

Finovate Alumni Raise $825 Million in 2013, Up 79%

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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.
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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.

Third Quarter 2013 Funding for Finovate Alumni — More than $171 Million Raised

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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.

Finovate Alumni News– September 23, 2013

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  • ACI Worldwide acquires Official Payments.
  • MasterCard teams up with Basware to help companies migrate from paper-based payments.
  • KlickEx takes home Top Startup prize at Swift’s Innotribe Challenge.
  • Crains NY Business looks at Float Money, Socure, and Capital Access Network.
  • Western Independent Bankers selects Q2 as preferred vendor for virtual banking solutions.
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.

Socure’s Social Biometrics Provides Real-Time Protection Against Fraudsters and Bots

Thumbnail image for Socurelogo.jpgOur next presenter is Socure. The company specializes in real-time, online identity verification solutions.

“Socure’s Social Biometrics utilizes a patent pending artificial intelligence system and proprietary machine learning algorithms along with social behavior pattern analysis to detect if an online ID is authentic, a fraudster or a bot. 
Socure’s Social Biometrics solution showcases its ability to capture non-authentic (fake) online identities as a way to guard against identity theft and account takeover fraud. Our demonstration also shows the ability to de-risk each side of a peer-to-peer payment.”
Product Launch: August 2013
Metrics: $1.6M raised & 12 employees
Product distribution strategy: Socure is partnering with industry leading MSPs, social sign-on providers, and traditional identity databases to leverage their existing distribution channels. Socure is also selling into businesses directly with an internal sales team.
HQ: New York City, New York
Founded: August 2012
Website: socure.com
Presenting Sunil Madhu (CEO) and Johnny Ayers (Director, Business Development)

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The full demo video will be available at Finovate.com in mid-September.

FinovateFall 2013 Sneak Peek: Part 1

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On September 10 and 11, Finovate will return to New York for FinovateFall 2013.

70 companies will take the stage to present their latest technologies, including many that will be making their Finovate debut.

In the weeks leading up to our September event, we’ll help you get to know the innovators and entrepreneurs who will be demoing in New York. Today’s installment introduces our first set of fintech presenters: CR2FinanceIt/CommunityLend, Financial Guard, FlexScore, Interactions Corporation, Place2Give, QuarterSpot and Socure.
Want to join us in New York in September? Get your ticket to FinovateFall 2013 here.
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CR2 is a leading multichannel banking software provider with a focus on innovation.
Features:
  • A never-seen-before customer experience at the ATM
  • Customized and interactive banking
  • Meaningful revenue driver for the bank
Why it’s great: ATM usability inspired by kiosk and mobile practices for both customers and non-customers.
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Martin Dolan, CEO, CR2
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FinanceIt/CommunityLend allows businesses to offer consumer financing to their customers anywhere.
Features:
  • Photo ID scan for instant approval
  • iPad app
  • Consumer-facing loan application for pre-approvals
Why it’s great: FinanceIt will be live in the U.S. Q1 of 2014 and is actively looking for partnerships with merchants and lenders.
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Michael Garrity, CEO, CommunityLend
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Financial Guard is an online investment manager reinventing the financial services industry by providing professional, unbiased, transparent, actionable investment advice to the individual investor.
Features:
  • Holistic investment portfolio optimization
  • Full transparency
  • Simple enough for a college intern. Complex enough for a Ph.D in Finance
Why it’s great: Investment Advice at the Right Price, Finally
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Kevin Pohmer, President, Financial Guard
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FlexScore is the first-ever, financial scoring tool and is specifically made to make financial education fun for middle-class America.
Features:
  • First-ever overall financial scoring tool
  • Provides actionable steps to help user improve finances
  • Peer ranking tool so users can compare scores
Why it’s great: First-ever personal finance too for middle America instead of the uber rich.

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Jason Gordo, CEO, FlexScore
Jason Gordo is listed in the Forbes Top 50 RIA’s in the country. He is also co-author of “FlexScore: Financial Advice for the Rest of Us.”

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Jeff Burrow, President, FlexScore
Jeff Burrow is President of FlexScore and is co-author of the book, “FlexScore: Financial Advice for the Rest of Us.” He is a certified financial planner.
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Interactions Corporation is a virtual assistant for banking/financial services
Features:
  • Customers interact exactly was they would with a live agent
  • Significant improvements in Net Promoter Score
  • Significant operations savings
Why it’s great: Simply better customer experience

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Phil Gray, Executive Vice-President of Business Development, Interactions Corporation
Phil Gray is a successful startup executive with extensive experience in speech and call center technologies.
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Place2Give helps advisors connect and manage their client’s charitable giving.
Features:
  • Matches donors to charities using unique algorithms
  • Shortens advisor research time
  • Manages donor’s pledges, disbursement and charity tax receipts
Why it’s great: The Toolbox helps reduce an advisor’s research time, justify fee value and aid client retention.
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Gena Rotstein, Founder, CEO, Place2Give
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QuarterSpot is a new small business online lending platform using artificial intelligence to significantly lower cost of capital and eliminate need for personal collateral.
Features:
  • AI underwriting better assesses business risk in minutes
  • Lowers SMB cost of capital up to 85%
  • No personal collateral at risk for business loan
Why it’s great: Small businesses searching for capital no longer have to compromise. QuarterSpot makes it easy, fast, and affordable to secure a trusted loan.
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Adam Cohen, Co-Founder, CEO, QuarterSpot
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Socure has developed a new form of online identity verification to reduce fraud using a series of proprietary machine learning algorithms to analyze social and identity data.
Features:
  • Authenticate a user to detect ID theft and account takeover fraud
  • Improve existing KYC/AML capabilities
  • De-risk each side of a social P2P payment
Why it’s great: Socure helps financial institutions use social data to reduce various types of online fraud. 

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Sunil Madhu, CEO, Co-Founder, Socure
Sunil Madhu is an entrepreneur and architect with 20+ years of experience developing and selling innovative enterprise software solutions.

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Johnny Ayers, Director of Business Development, Co-Founder, Socure
Johnny Ayers is a management consultant turned entrepreneur. He leads Socure’s business development and operation efforts.
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For more information on attending FinovateFall 2013, see our FAQ. To register, visit out FinovateFall 2013 page here.

Meet the Innovators of FinovateFall 2013

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FinovateFall 2013 is right around the corner. That means it’s time to start getting to know the entrepreneurs and innovators that will be presenting their technologies on stage in New York City in September.

Remember, the early bird deadline is this Friday, August 2nd. So to reserve your spot and register now.

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Akimbo Financial offers a social bank account alternative that makes sharing money easier than ever.
authenticIDs identity tools pictureID and catfishID, are the most accurate, time-saving solutions for the forms of ID we already carry.
Backbase‘s Launchpad, the Commercial Banking Edition, making CFO’s work easier.
BehavioSec uses behavioral analytics to transparently tackle web and mobile security.
BillFloat revolutionizes credit delivery to consumers and businesses.
Biometric Signature ID has a patented software-only biometric for secure ID online verification.
BizEquity is the first and leading cloud-based business valuation engine, an innovative solution to small business lead generation.
Capital Access Network is the largest and most experienced small business finance specialist.
Cardlytics uses consumer purchase data to drive a patented advertising platform. Ads are so relevant–they’re expected. 
CoverHound is a comparison insurance adviser, helping people discover, buy, and manage insurance online.
CR2 is the innovative provider of self-service banking solutions including ATM, Internet, and mobile banking.
DoubleBeam‘s SDK powers mPayments inside other mobile apps, helping signup customers quickly and save a ton on the cost of payments.
FinanceIt offers businesses the ability to provide consumer financing to their customers at the POS.
Financial Guard helps you protect your investments, providing online investment advice at the right price, finally.
Finect is the leading online network for the financial services industry.
Fiserv is a leading global technology provider serving the financial services industry, driving innovation in payments.
FlexScore “gamifies” financial planning, gives a “score” of your financial fitness, and provides education, advice, peer comparisons.
Float Money offers interest-free credit to members of its shopping club and financial health partners.
FutureAdvisor manages your investments for better returns, making quality financial advice available to everyone.
GMC Software Technology is a leading software developer of solutions that transform the customer experience.
Guide Financial is like a healthcheck for your finances – automatically scanning your accounts for ways you can earn or save more, and providing simple, easy fixes.
Ignite Sales is the leader in retail banking, customer acquisition, and retention technology.
Innovation Agency, where you can execute on your innovation mandate and unlock the wealth of ideas in your ecosystems.
Instabank – Beautiful money.
Interactions provides natural language Virtual Assistant application services for the automation customer care processes.
Jumio is a next generation credentials management company offering payments and ID scanning and validation products for mobile and web transactions.
Kofax is a leading provider of smart process applications that simplify the business critical First Mile of information-intensive customer interactions.
LearnVest empowers people everywhere to take control of their money and live their richest lives.
Level Money is a financial GPS, designed to replace budgeting.
Lighter Capital provides growth capital to technology companies in a highly-automated basis – Capital-as-a-Service.
Lumesis provides software for the fixed income municipal market. Compliance and credit-focused. 
Luminous is a boutique innovation company that has become synonymous with innovative banking around the world.
Manilla is the leading free and secure service to simplify and organize daily financial life.
MasterCard is a technology company in the global payments industry, operating the world’s fastest payments processing network.
mBank is the biggest, pure-play online bank and the third largest retail bank in Poland.
miiCard is the first digital identity verification service to prove ‘you are who you say you are’ entirely online.
Mitek is positioned as the leading innovator in mobile imaging software. 
MoneyDesktop empowers financial institutions to provide online/mobile banking experiences to promote personal financial intelligence.
Motif Investing is a thematic, customizable, low-cost and crowdsourceable ETF-like product that is disrupting investing economics.

Narrative Science
 
enables companies to uncover the insight hidden in their data and create new content at a scale and frequency never before possible.
Numbrs – One App – Every Bank.
P2P Cash is the mobile wallet with switch technology that allows us to aggregate all other mWallets and mobile financial services.
PayWith is powered by MasterCard. Funded by Merchants. Loved by Consumers.
PhonyInvoices provides invoice fraud detection and prevention. We check a company’s vendor lists and transactions for suspicious activity.
Place2Give provides valuable and trustworthy information to make the most impactful social capital investment decisions.
QuarterSpot lending platform delivers the lowest cost and most favorable term small business loans.
RevolutionCredit is a revolutionary solution that transforms the credit decisioning process for both creditors and consumers.
SaaS Markets is the enterprise app store company for financial organizations looking to leverage cloud-based applications for their employees or customers.
SavedPlus is an automatic savings program that helps customers save money with every purchase.
Simple Verity provides business credit reports on any SMB in America.
Socure offers a social identity verification solution to combat the growing risk of online identity fraud for financial institutions.
SpearFysh leverages mobile, speech analytics, big data, and SaaS technology to improve sales processes and drive growth.
Spreedly provides vault cards in the cloud and work with more than 50 payment gateways.
StockSmart apps and platform offer insight and information on the world’s best companies and people.
StrategyCorps delivers local/mobile/social consumer checking solutions so appealing and relevant, your customers will gladly pay for them.
Tinkoff Credit Systems is Russia’s leading provider of online financial services.
TipRanks is a cloud-based service that measures the performance of anyone giving investment advice.
Toopher eliminates online fraud using your phone’s location. Simple, secure, your phone stays in your pocket.
Unleash is the cloud CFO that helps small businesses make better decisions faster.
VerifyValid and Deluxe are giving checks their first major upgrade in more than 200 years.
Versafe protects all users from all malware, threat types. On all devices, all transparently. 
WordSentry software analyzes messages during composition, identifying non-compliant components, for correction before sending.
Yodlee is the platform for financial innovation, powering the world’s largest collection of transactional data.
Yseop creates a new age where financial services delivered to customers are driven by AI and human collaboration.
Zenmonics is a global technology services and mobile product provider to the financial services market.
Zighra empowers banks and financial institutions to leverage implicit mobile user authentication and accelerate payments.
Zooz provides complete payment essentials at your fingertips: a robust set of tools that will improve the payment process.
Plus more stealth companies to be announced in the weeks to come.
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To find out more about the upcoming FinovateFall 2013 event in New York, September 10 and 11, visit our FinovateFall information page here.