Finovate Alumni News

On Finovate.com

  • HooYu Brings Identity Confirmation Technology to BCRemit.
  • StreetShares Raises $10.3 Million for “Shark Tank Meets eBay” Approach to P2P Lending.
  • Flywire Expands Operations in Japan, Forms Partnership with Volvo.

Around the web

  • UPS Capital launches cross-border B2B payment service powered by Payoneer.
  • Risk Ident opens new U.S. office at Cambridge Innovation Center, near Boston, Massachusetts.
  • Venmo introduces QR code feature to help users find payee profiles faster.
  • eMoney launches redesigned website with a new UX enhanced navigation and multimedia content.
  • Digiliti Money (formerly Cachet Financial Solutions) appoints interim CEO.
  • Qapital now offers checking account and debit card.
  • BBVA joins Singapore-based trade finance platform Capital and Credit Risk Manager
  • Al Masraf selects Temenos’ digital banking technology
  • Kony announces V8 release of Kony AppPlatform to help developers design, develop and deliver omnichannel apps fast.
  • Shoeboxed launches Fetch, a new expense system
  • Trusona opens new office in Tokyo, Japan.

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

  • “Aire Receives Funding from Accion Venture Lab”
  • “Refund.me Brings its Air Travel Compensation Service to Business”
  • “Credit Sesame Launches SnapLoan, The Amazon One-Click for Consumer Loans”

On FinDEVr.com

  • “Envestnet | Yodlee Unveils its Risk Insight API”

Around the web

  • Global Debt Registry announces plans to bring loan-validation technology to marketplace lending industry.
  • CryptoCoinNews takes a look at recent funding for Stratumn, a blockchain development platform.
  • P2Binvestor teams up with independent adviser, MW Eaglewood Americas.
  • Locavesting profiles StreetShares, which in mid-May will begin lending to small businesses.
  • Crowdfund Insider interviews Cloud Lending CEO Snehal Fulzele.
  • Cachet Financial and Ingo Money renew partnership.
  • Ripple adds former HSBC payments executive and SWIFT board member, Marcus Treacher, as its new global head of strategic accounts.
  • LendKey announces it has underwritten, originated, and deployed more than $1 billion in capital to borrowers.

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

  • “Finovate Debuts: OutsideIQ Heralds a Revolution in Due Diligence with DDIQ for Onboarding”
  • “Stephen Ritter Joins Mitek as Chief Technology Officer”
  • “Kreditech Lands $11 Million to Close Series C Round of $103 Million”
  • “Finovate Debuts: Valuto’s Open API Offers Multi-Currency Accounts”

On FinDEVr.com

  • “Destination FinDEVr: A Geography of Architects, Builders, and Engineers”

Around the web

  • CU Anytime to deploy channel management software solution from NCR and INETCO.
  • Let’s Talk Payments features Temenos, Strands, NYMBUS, and Infosys Finacle in a look at banking software companies. See NYMBUS at FinDEVr New York next week.
  • Entrust Datacard and Trend Micro team up to provide businesses with better data encryption and authentication technology.
  • American Banker features StreetShares.
  • Xerox and Tradeshift partner to deliver digital procurement and accounts payable services.

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.

 

StreetShares Raises $4.5 Million in Series A Led by Fenway Summer Ventures

StreetShares_homepage_Mar2016

The Series A round for online small business lender, StreetShares, is off to a strong start with lead investor Fenway Summer Ventures putting $4.5 million into the company. The funding news comes just days after StreetShares announced that it had earned Regulation A+ approval from the Securities and Exchange Commission (SEC), enabling the company to use public investments to back loans to small businesses.

StreetShares’ total funding stands at more than $8 million. Also participating in the financing round, which remains open, are Endeavor Equity Holdings and Pivot Investments.

StreetShares_stage_FEU2015

Pictured (left to right): StreetShares co-founders Mickey Konson, COO, and Mark Rockefeller, CEO, demonstrating their platform at FinovateEurope 2015 in London.

StreetShares, a P2P lending platform, specializes in connecting investors and small business borrowers from within the same community. For StreetShares, the first community it engaged with its affinity group lending approach were small businesses run by veterans and their families. Loan terms range from 3- to 36-months on amounts from $2,000 to $100,000, and the company charges a one-time origination fee of 3.95% or 4.95% based on loan term, risk, and amount.

An Air Force veteran, StreetShares co-founder and CEO Mark Rockefeller was interviewed by American Legion magazine last fall. The company added former SEC commissioner Troy A. Paredes to its board of advisors in November; in October, StreetShares announced a partnership with online marketplace, FedBid.

Founded in July 2013 and headquartered in Reston, Virginia, StreetShares demonstrated its platform at FinovateEurope 2015.

Finovate Alumni News

On Finovate.com

  • “StreetShares Raises $4.5 Million in Series A Led by Fenway Summer Ventures”
  • “CEO Interview: Aire.io’s Aneesh Varma”

On FinDEVr.com

  • “Financial Information Services Provider Markit Merges with IHS”

Around the web

  • USAA to enable Coinbase accounts alongside USAA accounts and services in late March; mobile app upgrade.
  • Temenos and TransUnion forge strategic partnership to bring CreditVision recovery model to credit unions and financial institutions.
  • Let’s Talk Payments lists Akamai Technologies, SnoopWall, and Entrust in its roundup of the hottest mobile security companies.

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

  • “Finovate Debuts: InvestGlass Built a Robo-Adviser for Advisers”
  • “Intuit Developer Group Drops Financial Data APIs; Partners with Finicity to Ease Transition”
  • “Qumram Raises $2.5 Million to Bring Website Recording to North America & U.K.”

Around the web

  • Ripple opens new office in London.
  • Markit and IHS announce $13 billion merger agreement.
  • Quantopian to launch in Australia.
  • Vibrant Credit Union converts to DNA account-processing platform from Fiserv.
  • Finextra interviews James Redfern, eWise’s global head of sales.
  • PayPal’s Dan Schulman travels to Cuba to see how it can work with the country’s small businesses.
  • Kony updates Kony Visualizer 7.0, releases free starter edition.
  • StreetShares announces SEC approval for Regulation A+ deal.
  • The Evening Show with Simon Rose interviews Trustly’s Chief Commercial Officer.
  • Blackhawk Network’s CEO Talbott Roche receives PYMNTS Innovator Award for “Women Driving Innovation in Payments.”
  • VICE’s Motherboard features ZeroDB. See them live at FinDEVr 2016 on March 29 and 30.
  • Jumio sells assets to Facebook co-founder and early backer, Eduardo Saverin.
  • The Paypers interviews Nuno Sebastiao of Feedzai.

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

  • “Munich-Based Fidor Bank Launches in the UK” —Check out Fidor Bank at FinDEVr, 6/7 October, in San Francisco.

Around the web

  • New P2P lending app, Ledge, leverages Venmo technology.
  • CNET features Wealthfront, Betterment, FutureAdvisor, SigFig, and Personal Capital in a look at investment in robo-advisers.
  • American Banker profiles PaySwag and its strategy to put a gamified face on debt collection.
  • Kashoo unveils version 4.4 of its iOS app.
  • American Legion magazine interviews Mark Rockefeller, StreetShares CEO and co-founder.
  • itBit announces new higher withdrawal limits.
  • Digital Retail Apps CEO and founder Wendy MacKinnon Keith wins 2015 Women in Payments Innovation Award.
  • InvestorJunkie lists its top 15 robo-advisers, featuring eight Finovate alums.
  • Braintree and PayPal reflect on their two-year anniversary. See Braintree show off its APIs at FinDEVr in San Francisco, 6/7 October.
  • EQ features DAVO’s sales-tax solution.
  • Bank Innovation highlights Ldger’s demo at FinovateFall last week.
  • Forbes features Aerospike. See Aerospike’s presentation at FinDEVr San Francisco on 6/7 October.

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

  • “From API to UX/UI: A Preview of FinDEVr 2015

Around the web

  • Stratos wins Fast Company’s Innovation by Design Award, the company’s third product award.
  • Business Insider ranks Algomi, Currency Cloud, eToro, Nutmeg, Zopa, and TransferWise among top fintech companies in Britain.
  • Concur integrates with GigSky to enable travelers to access the internet while traveling.
  • Dwolla expands its credit services to include instant money transfers among friends and family.
  • Let’s Talk Payments lists 25 top alternative lending startups including OnDeck, Street Shares, Zopa, and Lending Club.
  • Xero previews two new features—billable expenses and invoice reminders—for small-business users of its platform.
  • peerTransfer announces U.S., Europe expansion; rebrands as Flywire.
  • TSYS to expand its Enterprise Tokenization technology to support Android Pay.
  • Red Giant launches its Red Giant Family Plan to offer families a way to manage daily spending.
  • iSignThis‘ KYC services now satisfy U.S. anti-money laundering requirements.
  • PayPal explains its recently launched API Transactions Dashboard.
  • BehavioSec joins PwC’s Accelerator Programme.
  • Lending Club’s Carrie Dolan named one of American Banker’s 2015 Most Powerful Women in Finance.
  • Personal Capital appoints Mark Goines as CMO.
  • Matt Compton becomes COO of Simple, which has tripled its staff to 300 employees from February 2014.
  • TechCrunch features Lending Club’s coming-of-age story.

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 Debuts: StreetShares Helps Small Businesses Raise Capital

StreetShares_homepage_full

StreetShares is a specialist in what the company calls “affinity-based social lending.” The idea is to take crowdfunding a step further by connecting small business owners in need of capital with investors with shared affinities. The first shared affinity StreetShares has been able to serve is the veteran and veteran-owned business community.

Calling the platform “Shark Tank Meets eBay,” business owners on StreetShares pitch their business to interested, accredited investors who compete for the opportunity to fund the loan.

“We are bringing the ‘peer’ back to peer-to-peer lending in the U.S. market,” StreetShares CEO Mark Rockefeller said, in explaining P2P lending’s origins in Great Britain and its evolution in the U.S. “We are talking about veterans funding veterans; female executives funding female executives; alumni from one school funding fellow alums from the same school.”

StreetShares’ stats:

  • Founded in July 2013
  • Headquartered in Reston, Virginia
  • CEO Mark Rockefeller, COO Mickey Konson, and CTO Ben Shiftlet are co-founders
  • Raised more than $1 million in funding
  • Maintains 12 FTEs
  • Provides small business loans of up to $50,000

The story

The idea behind StreetShares originated from the concept of the GI Bill, which gave millions of servicemen returning from World War II the opportunity to buy homes, start businesses, and raise families, giving birth to a true middle-class in America.

StreetShares_FEU2015_stage

(Left to right): COO Mickey Konson and CEU Mark Rockefeller presented StreetShares at FinovateEurope 2015.

And while the circumstances have changed since 1945, many of the challenges remain: entrepreneurs, many of them veterans, still struggle to raise the capital help get their businesses off the ground or to move to the next level in terms of growth and expansion.

This is where StreetShares comes in. The company believes that businesses are more likely to get funded by (a) investors who have some sense of connection with the borrower and (b) investors who feel as if they know exactly where a business is headed and how it plans on getting there.

Add to this the extensive information about applicants provided to potential investors—and located on each applicant’s “tile”—and an investor has everything needed to make a lending determination. This includes information on the business itself, with links to websites and social media; a pitch with the ability to attached additional information, including spreadsheets, background on the applicant; and information on the status of the bidding for that company’s loan.

StreetShares_screenshot1_full

What do businesses need in order to apply for a loan via StreetShares? SMEs can apply online or by phone, and any U.S. citizen-owned business that has been in operation for at least a year is eligible. Businesses must earn a minimum amount of revenue, be incorporated, and have a business guarantor “with reasonable credit.” More information on the application is available at StreetShares.com.

Individuals with “accredited investors” can participate on the platform. Accredited investors need a StreetShares account, and must have an income of $200,000 or more ($300,000 for a couple), or have a net worth of $1,000,000, excluding the value of a primary residence.

At FinovateEurope 2015, StreetShares showed its auto-invest feature. Auto-invest enables the platform to make investments for the investor based on a set of prearranged criteria such as risk-tolerance level, affinity type, interest rate, bid amounts and more. Once set, the platform bids on open loans on the investor’s behalf. The investor can review the bids in the invest tab, as well as in the investor portfolio.

StreetShares_screenshot_3_full

The future

StreetShares believes three key factors distinguish it from others in the SME lending space. The first, and most prominent, is the use of social affinity groups to “build bonds of trust” between borrowers and lenders. This trust results in lower-cost loans. The second factor is a fully transparent platform in which all investors, retail and institutional, compete for loans fairly side by side. And the third factor is co-investment, in which StreetShares puts its own capital to work as a co-investor on each loan that is made.

The company remains focused on expanding its capacity to provide loans, especially in the below-$100,000 category, which Rockefeller says is a $136 billion market. “We think lending is about risk and risk is about data,” Rockefeller said from the Finovate stage in February. “But what if we could tap into human trust, and apply that to lending. We think we have a way.”

That way has been brightened by news last month that StreetShares has picked up a $200 million commitment from Direct Lending Investments, Community Investment Management (CIM), and Eagle Bank Corporation to help fund loans. Speaking for Direct Lending Investments, Brendan Ross said, “Our mission is to put money to work funding small businesses. We are excited about this business partnership with StreetShares and the unique business owners they serve.”


Watch StreetShares demo its technology live at FinovateEurope 2015.

 

Finovate Alumni News

On Finovate.com

  • Finovate Debuts: StreetShares Helps Small Businesses Raise Capital
  • FinovateSpring 2015 has sprouted! Check out our first Sneak Peek, featuring 7 presenting companies.

Around the web

  • Backbase adds Payveris’ suite of payment APIs to the Backbase Open Banking Marketplace.
  • Evans Bank to deploy core banking technology from FIS.
  • Xignite teams up with ChartIQ to launch new market-data widgets.
  • Heckyl Technologies featured in e27’s list of 10 ‘need-to-know startups’ in Singapore and India.
  • Backbase adds MX’s PFM and account aggregation to the Backbase Open Banking Marketplace.
  • Wharton Fintech blog: How Betterment is Redefining the Retail Investment Landscape.

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.

StreetShares Platform Connects Small Business Owners with Retail and Institutional Investors

StreetShares_logo_high-res.jpgThis is post is part of our live coverage of FinovateEurope 2015.

Our first presenter of the day is social lender StreetShares, bringing business owners together with retail and institutional investors based on shared affinities. According to the company:

The StreetShares marketplace uses social affinities and online auction technology to provide small business borrowers with loans at lower rates, and provide investors with higher returns. StreetShares blends the social loyalty and trust of affinity groups with traditional bank underwriting. It provides small business owners with the opportunity to pitch their loan requests to retail and institutional investors at no cost or obligation.

StreetShares investors then compete to fund the loans through a StreetShares auction, where the lowest rates charged to borrowers win. Through a StreetShares auction, borrowers get funded at competitive rates and investors get returns they’re looking for. Everyone wins.

Presenters: Co-founders CEO Mark Rockefeller and COO Mickey Konson
 
StreetShares_7766.JPG
StreetShares_7763.JPG
Product launch: July 2014
Product distribution strategy: Direct to Consumer (B2C); Direct to Business (B2B)
HQ: Reston, VA, USA
Metrics: Raised $1.2 million seed round; 12 full-time employees
Twitter: @StreetShares

Alumni News– January 21, 2015

  • Thumbnail image for 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.jpgYour Personal Financial Mentor profiles EZBOB.
  • BrightScope releases AdviceMatch, a free online service to help consumer choose financial advisors.
  • OnDeck Marketplace emerges from pilot program. Platform helps institutional investors buy small business loans.
  • Venture Burn takes a look at Azimo and the West African remittance market.
  • Kreditech named Germany’s leading digital innovator of the year by Focus Magazine.
  • Arroweye Solutions CEO Render Dahiya urges issuers on EMV adoption.
  • Check out FinovateEurope 2015 Sneak Peek: Part 3.
  • Coinbase Raises $75 Million from BBVA, USAA, NYSE, & Others.
  • Millennial-focused BankMobile app is powered by Malauzai Software and uses Mitek to power mobile customer on-boarding.
  • Roostify describes its experience with Yodlee’s FinDat Disruptor program.
  • PayPal to use InComm to support PayPal’s digital gifts services in Canada.
  • Yale Undergraduate selects Wall Street Survivor to help students understand investing and personal finance. 
  • Technical.ly/ Baltimore looks at how TIO Networks powers Baltimore’s online bill pay system.
  • Tradeshift wins Circular Economy Digital Disruptor Award held at the World Economic Forum in Davos, Switzerland.
  • CustomerXPs and EY, a tax advisory firm, partner to help companies deal with fraud.
  • iBillionaire updates mobile app & releases new High Dividend Index.
  • Payment Data Systems to acquire Akimbo for $3 million.
  • Be sure to check out FinovateEurope Sneak Peek #2 featuring AlphaPoint, Avoka, Encap Security, investUP, Nostrum Group, and StreetShares.
  • True Link Raises $3 Million in Round Led by Cambia Health 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.