Credit Card Vault in the Cloud Spreedly Raises $500K

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Lost in the wave of funding news over the holidays was word that fintech’s “credit card vault in the cloud” is now half a million dollars richer.

The $500,000 in new funding goes to Spreedly, the Durham, North Carolina-based payments specialist that made its Finovate debut last fall. The investment comes courtesy of E-Merge.be, a group of angel investors from Belgium that has previously put capital to work on behalf of companies like the recently-acquired payments gateway, Ogone, and Cabify.

The investment represents a stamp of approval for the direction Spreedly has taken since it was founded in 2007. Once just another startup in the crowded field of online payments, Spreedly has evolved to play a different, more unique role when it comes to helping businesses make better, more secure, fully PCI-compliant, payment routing decisions.
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At its most basic, Spreedly’s credit card vault allows businesses to securely store credit card information in the cloud, where it can be readily accessed for repeat customers. Perhaps even more importantly, Spreedly provides businesses with data on the relative performance of more than 50 different payment gateways. This helps businesses not just save money, but also cut down on efficiency-killers like time outs and false declines.
Spreedly includes among its customers Fusebill, BoxTV, and fellow Finovate alum, Wallaby. The company’s CEO is Justin Benson.

Finovate Alumni News– January 27, 2014

  • Finovate-F-Logo.jpgLending Club named #5 on Forbes’ Most Promising Companies List.
  • The Wall Street Journal mentions SecondMarket’s private shares trading market.
  • Doxo receives 2013 Award for best Software and App from the Seattle Award Program.
  • VentureBeat lists Xero and Expensify as 2 of the best back-office software applications for small businesses.
  • Billhighway Prepaid MasterCard named winner in eighth annual Paybefore Awards.
  • Bank Systems & Technology features Allied Payment Network’s Picture Pay mobile bill pay app.
  • FIS wins Frost & Sullivan Customer Value Enhancement award for FIS Mobile Wallet.
  • Credit Card Vault in the Cloud Spreedly Raises $500k.
  • Find Biometrics takes a brief look at 2013 and 2014 with EyeVerify’s Director of Marketing, Denise Myers.
  • DeviceFidelity announces availability of its IsisReady NFC cases for iPhone.
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 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.

Finovate Alumni News– December 20, 2013

  • Thumbnail image for Finovate-F-Logo.jpgTipRanks, Narrative Science, Spreedly, and Fiserv earn “True Innovators Awards” in Bank Innovation’s 2013 GonzoBanker column.
  • Jos White of Notion Capital talks about credit card fraud and his firm’s investment in Trustev.
  • Braintree CEO Bill Ready discusses the future of online payments on Bloomberg TV.
  • Nordea, SEB, and Swedbank announce plans to offer MasterPass-powered digital wallets courtesy of MasterCard.
  • FIS launches e-learning suite to help FIs comply with new CFPB regulations.
  • Business ETC takes a look at growing interest in Irish start-up, Trustev.
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.

Online Payments Startup Spreedly Introduces its Credit Card Vault in the Cloud

Spreedlylogo.jpgThis post is part of our live coverage of FinovateFall 2013.

Spreedly is our next presenter. They are making their way to the stage right now to debut their “credit card vault in the cloud.”
“In the world of online payments much is made of the fees that are charged by payment gateway providers. Very little is known about the relative performance of payment gateways. Lost transactions based on time outs/false declines/overly aggressive fraud filters can cripple a business. Spreedly sits at a unique juncture where we can share what we see across a range of gateways.”
Product Launch: September 2013
Metrics: Raised $420,000 in seed funding, 5 employees, 100 paying customers, & 30% month over month transaction growth
Product distribution strategy: Direct to Business (B2B)
HQ: Durham, North Carolina
Founded: January 2008
Website: spreedly.com
Twitter: @spreedly
Presenting Justin Benson (CEO)

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