Thinknum’s Collaboration Tools Help Analysts Build Better Financial Models

This post is part of our live coverage of FinovateFall 2014.
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Thinknum showed how it helps financial analysts build better financial models:

“There are many financial technology corporations that specialize in writing data to users. However, as financial analysts, we saw firsthand how there is no software to manage and leverage the content we created. So we built Thinknum, enabling analysts to take advantage of collaboration tools and cloud computing to build better financial models.”
Presenting: Justin Zhen, Co-Founder
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Product Launch: December 2013
Metrics: $1M raised, 3,500 analysts on the platform
Product distribution strategy: Direct to Business (B2B), through financial institutions
HQ: New York, NY
Founded: December 2013
Website: thinknum.com 
Twitter: @thinknum

Who’s Who in New York Fintech Scene Features Five Finovate Alums

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With FinovateFall 2014 starting a week from today, you’ll have to forgive us if we’ve got a little New York on the brain.

But you’d have to admit that the latest roundup of the New York fintech scene’s “Need to Know” from AlleyWatch couldn’t be more timely.

Even better, not only does the lineup include five companies that have demoed at Finovate shows in the past, it also features a pair of alums that are presenting at the upcoming FinDEVr event in San Francisco, as well.
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That would be CardFlight and Thinknum. Derek Webster, founder and CEO of CardFlight, and Thinknum Co-Founder Justin Zhen were two of the five alums featured in AlleyWatch’s “21 People in the New York FinTech Scene You Need to Know About.” CardFlight specializes in mobile POS technology that enables card-present transactions. Thinknum has designed a web-based platform that helps financial analysts leverage big data to better value companies.

Both companies will be presenting at FinDEVr at the end of the month. Bronze sponsor CardFlight will host a presentation at FinDEVr on Tuesday. Thinknum will be holding its FinDEVr workshop on Wednesday. And there’s still time to get your tickets and join us for the first fintech event for developers.
Also noted in AlleyWatch’s review of New York’s Fintech Who’s Who were Betterment Product Manager Nick Gavronsky, LearnVest founder and CEO Alexa von Tobel, and Market Prophit CEO Igor Gonta.
Betterment was a Best of Show winner at FinovateFall in 2010. LearnVest won Best of Show honors for its demo at FinovateFall 2013. And Market Prophit made its Finovate debut at FinovateSpring 2014 in San Jose.

Alumni News– July 29, 2014

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  • Concur partners with Uber to allow Concur users to link their accounts and automatically send Uber receipts to their expense reports.
  • The Financial Brand looks at opportunity for banks and credit unions in the Loop Visa partnership. 
  • Open Bank Project making its API available during hackathon in September.
  • TechCrunch explores Pellucid Analytics’ take on PowerPoint pitch books.
  • Seed Me! Thinknum raises $1 million in seed funding round.
  • Feature on robo-advisors highlights seven alums: Betterment, Financial Guard, FutureAdvisor, Jemstep, Personal Capital, SigFig, and Wealthfront.
  • Macwelt reviews banking app Numbrs.
  • Bank Systems & Technology points to Moven as a nontraditional financial service provider “gunning” for banks.
  • Xero partners with MarketInvoice to bring faster funding to UK businesses.
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.

Seed Me! Thinknum Raises $1 Million in Seed Funding Round

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Thinknum, a web-based platform that makes it easy for junior bankers to read and analyze corporate financial data, announced today that it had raised $1 million in seed funding. The investment was led by Pejman Mar Ventures, and included participation from 500 Startups, 645 Angels, Green Visor Capital, HKB Capital, and Signature Capital.

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Quoted in The New York Times Dealbook, Thinknum co-founder Gregory Ugwi talked about his technology as “building a platform using the web to become one living, intelligent platform.” Indeed, one of the virtues of Thinknum’s solution is the technology’s ability to pull data directly from the Internet, saving analysts a significant amount of data collection and entry time. In fact, Dealbook’s coverage of the announcement included a report on the “grueling” working conditions of the average junior banker to help make the point.
Thinknum says that the funding will go toward hiring additional software engineering talent. 
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Thinknum was referred to as the GitHub for finance in a TechCrunch profile this spring. The company seeks to crowdsource financial analysis, making it possible for financial professionals to benefit from their combined efforts in much the same way that programmers are able to do with code. The technology is optimized for collaboration, enabling efficient change-tracking and audit trails.
Founded in 2013, and based in New York, Thinknum will make its Finovate debut at FinovateFall 2014 in September. To join us and see Thinknum in action, click here. Early-bird savings are still available.