Finovate Alumni News

On Finovate.com

  • “Tink Pulls in $10 Million to Launch Virtual Bank”
  • “TSYS to Leverage Featurespace’s Machine Learning Fraud Capabilities”
  • “Narrative Science Teams Up with Vermilion, Bringing Advanced NLG to Portfolio Commentary”
  • “New Investment for Personal Capital Takes Valuation to $500 Million”
  • “Zopa to Offer Auto Loan Refinancing”

Around the web

  • TIBCO introduces integration-software solution, Project Flogo and translytical database for big data, TIBCO Graph Database.
  • InFakt accounting system integrates with Valuto open API.
  • Micronotes launches downloadable trial version of Micronotes Cross-Sell Basic.
  • eToro appoints Robert Brown as new non-executive director in the U.K.
  • Socure expands coverage for global watchlist filtering and sanctions compliance.
  • Philippine-based credit union groups to build payments and banking platform based on technology from Temenos.
  • Robotic automation technology from NICE Systems helps prevent credit card fraud at Italian bank, Banca Popolare di Sondrio.
  • Finovate newcomer Student Loan Genius adds Honest Dollar co-founder Henry Yoshida as vice president of partnerships and product strategy.

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.

Tink to Test PFM App with 10,000 ABN AMRO Customers

Tink to Test PFM App with 10,000 ABN AMRO Customers

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Fresh off the announcement of the FinovateEurope 2016 lineup, we have big news from Swedish alum Tink which has partnered with ABN AMRO, a large Dutch bank widely considered digitally progressive.

As a part of the partnership, ABN AMRO has worked with Tink to launch Grip, a budgeting and expense-management app that aims to help users control their spending.

Starting today, a select 10,000 ABN AMRO customers will pilot the iOS app, offering feedback on how developers can tweak the platform. If the pilot is successful, Grip will be released to the bank’s 4.5 million customers.

Tink’s direct-to-consumer PFM app launched in 2012 and boasts 300,000 iOS and Android users in the Swedish market.

The company was listed in the Fintech 50 earlier this year and won Best of Show for its demo at FinovateEurope 2014. Check out its award-winning presentation.

Finovate Alumni News

On Finovate.com

  • “Tink to Test PFM App with 10,000 ABN AMRO Customers”
  • “Bizfi Closes on $65 Million in Debt Financing”
  • “Nous Closes In On £350,000 Fundraising Goal” [Update: Nous Exceeds Original Goal, Raises $750,000].

Around the web

  • “TIS Closes 550,000 Euro Deal with Leading German Health Insurance Provider”
  • Trustly partners with payment solution iDEAL in the Netherlands.
  • TechCrunch looks at OnDeck and the future of alt-lending.
  • USA Today features how Simple is a different type of bank.
  • TechCrunch considers how TransferWise is a better way to send remittances.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Rippleshot Raises $1.2 Million in Round Led by KGC Capital”
  • SocietyOne Offering Car Loans to Uber Drivers in Australia”

Around the web

  • Xero adds two-step authentication to its accounting platform.
  • CAN Capital teams up with iPayment to help SMEs get access to working capital.
  • Let’s Talk Payments features Klarna, Holvi, BehavioSec, Trustly, Meniga, and Tink in a roundup of top Nordic fintech startups. Remember FinovateEurope 2016 comes to London on February 9 and 10.
  • Check Point Names Julie Parrish as Chief Marketing Officer”
  • MyBankTracker names Mint, SmartyPig, Lending Club, Coinbase, and Loyal3 on its list of companies every millennial should know about.
  • ayondo CEO Robert Lempka Explains Innovative Trading Solutions Live on CNBC Asia”
  • TechCrunch looks at TransferWise’s growth.
  • PaymentEye interviews Daniel Abrahams, CEO and co-founder of CurrencyTransfer.com.
  • Bankless Times talks with Encap Security CEO Thomas Bostrøm Jørgensen on current trends in authentication technology.

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 Populate the FinTech50

Looking for the most innovative startups in fintech? The FinTech50 is a great place to start.

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It also turns out to be a great place to find Finovate alums. Of the 50 companies recognized by FinTechCity’s panels of judges as being “game-changers transforming the future of finance,” nearly half are alumni of Finovate conferences – including our upcoming event in London.
Here is the list of alums in alphabetical order:
According to Chris Skinner, who was one of the panelists, more than 700 companies competed for spots in the FinTech50. The selection panel included veterans of finance and technology from companies ranging from American Express and Google to Silicon Valley Bank and UBS. The FinTech50 winners were announced at an invitation-only event in London.
Speaking of London, Five Degrees, InvoiceSharing, Ixaris, mBank, and Trunomi will be in town next month, demonstrating their latest solutions at FinovateEurope 2015, February 10 and 11. More information on the event available here.

Tink Raises $4 Million in Series A Round

Tink Raises $4 Million in Series A Round

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In a round led by Sunstone Capital, Swedish personal finance management innovator Tink raised $4 million in new funding. 

The capital will help fuel the company’s expansion internationally, as well as help grow the team and continue product development.

Also participating in the round was entrepreneur Sven Hagströmer, along with additional existing investors. The investment brings the company’s total capital to $4.8 million.

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The investment also brings Christian Lindegård Jepsen, Sunstone Capital general partner and co-founder, to Tink’s board of directors, Jepsen specifically referenced the “beautiful UI” of Tink’s PFM app, as well as the degree of automation, which he said would help speed adoption.
Tink CEO and founder Daniel Kjellén echoed this point, saying “the fact that Tink is fully automated and everything is presented in a feed format makes it useful even if you only have two minutes to spare.”
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Tink has more than 200,000 users, with the average “Tinker” being a 23 year old female who uses the app two to three times a week, according to the company. The app is available for both iOS and Android.
Based in Stockholm, Sweden, Tink demoed its technology at FinovateEurope 2014 in London, where it won Best of Show. See the company in action here.

Alumni News– September 12, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgmiiCard launches DirectID to enable verification for high value transactions online.
  • FinovateFall 2014: Meet the People in Your Fintech Neighborhood.
  • First Trade Union Bank (+$700M in assets) deploys Q2platform from Q2.
  • TSYS and iMobile3 partner to Provide Apple Pay Integration.
  • Payfone announces release of new Mobile Identity as an Experience Platform.
  • Kony wins first place at 2014 CTIA MobITs Awards.
  • Tink raises $4 million in Series A round.
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– March 13, 2014

  • Finovate-F-Logo.jpgPayments News: MasterCard, Fiserv partner on Debit EMV for Accel Network.
  • Xero named top choice in the list of “favorite online-based business accounting apps” by both PCWorld and Macworld.
  • Credit Karma brings in $85 million in financing led by Google Capital.
  • Compliance Week reports: Actiance’s partnership with Shoutlet provides companies with compliant social marketing.
  • Expensify integrates with NetSuite and Stripe, raises maximum expense report amount, and more.
  • Cardtronics announces agreement with BBVA Compass for branded ATMs in Texas H-E-B stores.
  • PayPal’s Pamela Rice joins OnDeck as SVP of Technology.
  • Azimo raises $10 million in round led by Greycroft Partners.
  • Freshminds explains how Tink, mBank and BBVA are “redefining customer centricity.”
  • Kashoo earns spot on ICT 2014 Ready to Rocket list.
  • Smart Data Collective highlights Quill from Narrative Science in a column on the business applications of artificial intelligence.
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.

FinovateEurope: Behind the Scenes with NF Innova, Tink, and Vaamo

In another behind-the-scenes view of FinovateEurope 2014, we take a closer look at NF Innova, Tink, and Vaamo.

If you missed the previous two behind-the-scenes features, be sure to check out:



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What they do
NF Innova helps banks provide a tailored banking experience for their customers. This Personal Experience Module replaces a company’s static CRM system with an adaptive solution. It responds to individual users’ needs without the need for administrative input. 
By monitoring user behavior on digital touch points, it automatically provides the functionalities that appeal most to each user. The result is a solution that provides a single location for the end user to address all of their financial needs.
Stats
  • $1.5 million in revenue in 2013
  • 1 million users in its iBanking suite
  • 42 employees
  • 15 years experience working with banks
The experience
Customers are greeted with a login screen that speaks especially to them. In this example, the customer is greeted with a clean login screen that targets them with a home mortgage.
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After logging in, the user sees a financial “command center” where they can view multiple accounts and have access to P2P payment options, alerts, account balance and feed of transactions over time, and more.
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In this view, the My Cards section on the right is expanded to detail the customers’ balance across their credit card accounts.
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NF Innova’s solution works for both larger and smaller financial institutions. It is working with one of the largest financial institutions in Russia but is mostly focused on the European market. However, it plans to expand to both North and South America later this year.


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What they do
Tink is a direct-to-consumer mobile app seeking to reinvent PFM to make managing finances more enjoyable and digestible for ordinary people. Its average user is a 25-year-old female, and in order to appeal to this demographic, Tink makes looking at finances as easy and beautiful and checking your Instagram feed.

The Sweden-based company does its own aggregation, ensuring that all of users’ transactions are accurately represented. This is crucial because, as Tink notes, it is rare for users to manually input or change details about their transactions. Therefore, if the aggregation isn’t done correctly the first time, the user’s view of their finances will never be accurate.

Stats
  • 150,000 users 
  • 10 employees
  • Average user logs in 3 times per week
The experience
The middle phone below depicts the user’s financial feed, which has a similar feel to Facebook’s activity feed. Its purpose is to inform the consumer of their spending while not making them feel guilty about it. By viewing spending habits as something positive, Tink encourages users to log in more frequently.
 
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In addition to the general activity feed, Tink also shows the user a close up view of their spending. The phone in the middle depicts spending across simplified categories, and the one on the right is a magnification of what the user spent on a specific category, Food & Drinks.
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Tink is live in Sweden on iOS and Android. It plans to launch in other markets in the future.

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What they do
Vaamo helps users achieve their personal financial goals by providing them a simple and easy-to-use platform that visually portrays their goals over time.
 It invests the user’s money in international equities, government and corporate loans and real estate. To optimize return on investment, Vaamo uses an investment approach that was developed in collaboration with the Goethe-University in Frankfurt.
If one of the funds changes unexpectedly, the user is prompted to log in and change their goal by either contributing more money or extending the time period.
Stats
  • 14 employees
  • More than €500K in capital raised
  • It is in final negotiations in contracting with a bank in Germany to h
    old customer account balances.
The experience
The screenshot below depicts a user’s view of their three goals. With a personalized picture as the background and the progress bar in the middle, it is easy to see each savings goal.
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The interface below illustrates the simplicity of setting up a goal. Instead of being burdened with selecting individual funds, the user needs only to select their risk class and how much they are willing to contribute initially.
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Users can withdraw funds from their goals at any time. When they opt to withdraw from their account, they are prompted to make a choice about how they want to make up the amount they took from their savings goal (see the red box in the screenshot below).
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Vaamo is a paid product that will target 25-45 year olds who earn a range of €3k to €10k per month.

Check out Vaamo’s live demo video from FinovateEurope here.


Stay tuned next week for another behind-the-curtain view of FinovateEurope 2014.

FinovateEurope 2014: FinTech on Film

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Your plan to binge watch “House of Cards” just got a little more complicated.

The videos from FinovateEurope 2014 are now available in our Video Archive section. Two full days of demos. 67 presentations. More than 470 minutes of fintech innovation. No gorilla suits or no-look, laptop tosses this time around. But the two-day event did feature an entertaining performance by a precocious young investor, a pair of innovators in motorcycle helmets, and a Russian supermodel.

And if all that doesn’t whet your appetite, here’s a look at the demo videos from the nine companies awarded Best of Show honors this year. Click the image to go to the video page.

Enjoy!

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Momentum

Tink Launches its Personal Finance Service Internationally

This post is part of our live coverage of FinovateEurope 2014.

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Next, Tink launched its platform to help users follow their finances:
“Tink is a free personal finance service that allows you to follow your money, wherever you are! The service automatically collects and categorizes up to 2 years of historical transactions and assets from the banks you decide to connect. Once connected, Tink presents your expenses and incomes, suggests budgets, sends alerts, and gives you a personalized feed. Tink removes all the unwanted noise, highlights what’s important, and provides intelligent insights into your finances. Following your money with the Tink feed is as effortless as browsing your Instagram feed!”
Presenting Daniel Kjellén (Founder & CEO) and Fredrik Hedberg (Founder & CTO)

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Product Launch: September 2013, international launch: 2014
Metrics: 10 employees
Product distribution strategy: Direct to Consumer (B2C)
HQ: Stockholm, Sweden
Founded: June 2012
Website: tink.se/en
Twtter: @tink

FinovateEurope 2014 Sneak Peek: Part 1

FinovateEuropeButtonicon(highres).jpgFinovateEurope is almost a month away, and we’re well into preparing for the show, to be held in London on February 11 and 12 at the historic Old Billingsgate Market Hall.

Before we all gather around the demo stage, we wanted to give you a preview of what to expect. Below are the first six companies in our sneak peek series. Stay tuned for more!


CurrencyTransfer.com enables foreign exchange companies 

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to compete for your business transfers.

Features:
    • Compare low-cost currency quotes, and book trades in one independent venue
    • 100% cost transparency, displaying side-by-side ‘sell’ and ‘market’ quotes
    • Post trade analysis; no more paper trails
Why it’s great:
Access foreign-exchange quotes from all your providers in one place. Execute your business trades at the best price at the click of a button.

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Daniel Abrahams
Co-Founder and Head of Partnerships at CurrencyTransfer.com. Half Israeli, Daniel divides his time between offices in London and Tel Aviv. Mentor at Startup ABC & Personal Finance blogger.
LinkedIn




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Stevan Litobac
Co-Founder and Head of Product at CurrencyTransfer. Stevan has advised a number of early stage startups. Loves making things.








fastacash transfers value through social networks globally.
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Features:
    • Addresses intersection of payments, social and mobile
    • Transfer monetary value and content across any social or messaging platform
    • Technology easily customized and embedded into partners’ solutions
Why it’s great:
Enables transfer of money, airtime, coupons and any other value across any social network or messaging platform.

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Vince Tallent
Vince has extensive experience in the TMT industry with a global focus on mobile and payments.
LinkedIn

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Gilberto Arredondo
Throughout his career, Gilberto has been involved with new technologies and innovation by driving commercial and operational activities for telecommunications companies.
LinkedIn

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Jack Henry & AssociatesLuminous helps banks solve problems. It’s the ultimate financial innovations company with visionary products that are breakthroughs in sheer simplicity.

Features:
    • Virtual safety-deposit box 
    • Banking customers can upload, sort and store personal and business documents
    • Customers can automatically save and back up the latest version of important documents 
Why it’s great:
Customers can easily bank online with important documents automatically filed after just one click  

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Andrew Teversham
As Chief Technology Officer for Luminous, Andrew heads up the development and implementation teams at Luminous and has gained extensive experience with SAP implementations over a number of years.
LinkedIn


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Phillip Wood

Phillip is a business development leader with 17 years’ experience in direct sales, business development and strategy in B2C and B2B across EMEA.








Matchi is an innovation-matchmaking platform for banks and innovators.

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Features
    • Unprecedented collaboration opportunities for banks
    • Marketing platform for innovators to showcase their latest innovations to banks 
    • A go-to-destination for market-ready, banking innovations online 
Why it’s great:
It’s an innovation-matchmaking site for banks and innovators globally.

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Warren Bond 
Warren Bond, CEO of Matchi, is constantly looking for new ideas and ways to drive innovation and change in the banking industry.
LinkedIn

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Gerrit Hoekstra
Gerrit Hoekstra, CTO of Matchi, has been delivering embedded mobile and strategic enterprise-grade, big-data solutions for more than 25 years and is passionate about innovative technologies at all levels.
LinkedIn

Tink is an innovative personal finance-management app which allows users to better understand how their money is spent. 
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Features:
    • Making personal finance effortless
    • Consume data in a personalized feed 
    • Insights into your personal finance
Why it’s great:
Makes personal finance fun, beautiful and convenient for the first time! 

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Daniel Kjellén, CEO and Founder 
LinkedIn








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Fredrik Hedberg, CTO and Founder









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Toshl Finance Making finance fun. Helping people shake their finance-management indifference.
Features:
    • Funtastic finance management UI
    • Fully featured apps on phones, the desktop and everything in between
    • Available worldwide
Why it’s great: Making finance fun.  

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Matic Bitenc
CEO, background in UX, international relations.

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Miha Hribar
CTO, co-created numerous high-profile IT projects.
LinkedIn