Finovate Alumni News

On Finovate.com

  • Pindrop Advances into Smart Devices with $90 Million in Funding.

Around the web

  • iSignThis begins accepting customer deposits to its own issued International Bank Account Numbers (IBANs).
  • Personal Capital moves headquarters to Redwood Shores.
  • Signifyd opens EMEA headquarters in London to support its ecommerce fraud protection business in Europe.
  • Juvo expands across Asia with regional headquarters in Singapore.
  • Ondot announces new digital card services platform to support U.K. banks.
  • Lighter Capital provides NinjaCat $1.1 million.
  • R3’s new Corda App supports Ripple’s XRP.
  • Upserve (formerly Swipely) releases newest point-of-sale device, Upserve POS, now available for Android.

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.

Upserve Bolsters Online Ordering Features

Food services payments and analytics company Upserve strengthened its mobile ordering capabilities this week. The company, which originally launched as Swipely in 2009, first introduced a basic online ordering service in September of last year.

Overall, the new capabilities aim to help restaurants create a better guest experience while streamlining their operations. Here are the highlights:

  • Offers an embeddable ordering experience that lets restaurants take online orders straight from their website, meaning the guest never has to switch back-and-forth between channels or websites.
  • Allows guests to use their social logins to authenticate themselves before they make their order.
  • Lets restaurants accept orders up to seven days in advance.
  • Segments the online ordering audience to compare them with eat-in guests and send them targeted advertising.
  • Sends notifications to the kitchen when new online orders come in, and allows restaurants to send “your order is ready” texts to the client.

The online ordering system is included with Upserve Pro and is available at an extra cost for Upserve Core customers.

Upserve demoed as Swipely at FinovateSpring 2012 and has raised more than $40 million. Angus Davis is founder and CEO of the Rhode Island-based company. In May of 2017, Upserve announced it was managing $11 billion in annual transaction volume for 32 million active diners and more than 23 million meals per month, figures that grew 100% from the year prior.

Finovate Alumni News

On Finovate.com

  • Revolut Adds Travel Insurance to its Insurtech Offerings.
  • Going Beyond the Demos this Year
  • Envestnet | Yodlee Unveils Single API Solution to Support PSD2, Open Banking Compliance.
  • Upserve Bolsters Online Ordering Features

Around the web

  • Expensify celebrates 10 years of expense reports.
  • Handelsblatt features Kreditech (article in German).
  • Kinetica and UClick push solutions to South Korea.
  • NCR to power prototype branch for UnionBank of the Philippines
  • Bluefin partners with AvantCom Payments Corporation (APC) to provide PCI-Validated P2PE to Oracle clients.
  • Worldpay expands payment processing into Turkey with iyzico.
  • VietinBank announces migration of debit card transactions to Compass Plus’ TranzWare system.
  • Barbican Insurance Group teams up with FICO to better measure the cybersecurity risk of the insured.
  • Cloud Lending Solutions unveils Xcelerate Software Implementation Program.
  • Panalpina World Transport chooses Tradeshift to support digitization of its procure-to-pay process.
  • Ripple joins sharing economy startup Omni’s $25 million fundraising with an investment of XRP.
  • Overbond wins Most Innovative Third-Party Technology Vendor (Front Office) category at American Financial Technology Awards.

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

  • Six Alums Earn a Spot on on CNBC’s Disruptor 50 List

On FinDEVr.com

  • Online Lending Innovator SoFi Launches Robo Advisor

Around the web

  • Upserve grows 100%, Boasts 32 Million Active Diners, 21 Million Meals per Month, $11 Billion in Annual Transaction Volume.
  • Passport Launches Mobile Parking App in Ann Arbor.
  • Alkami has increased client base by 38%; grown users by 103%,  & grown contracted users by 51% since January 2016

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.

Upserve’s New Square Partnership Offers Clients Access to Funding via Square Capital

Screen Shot 2016-08-18 at 12.12.41 PM

When popular point-of-sale (POS) hardware and software company Square launched Square Capital in 2014, it joined the likes of OnDeck, CAN Capital, and Kabbage to provide working capital to small businesses. The company this week announced it has expanded Square Capital to non-Square customers through a partnership with Upserve (formerly Swipely).

Upserve, which processes credit-card payments for food-services businesses and provides performance analytics and management tools, will offer access to its 7,000 customers to Square. Expanding Square Capital through this partnership is key, since Upserve will offer Square access to client sales data to help Square make underwriting decisions. Square Capital’s loans are revenue-based; borrowers repay the loan by giving a fixed percentage of their daily sales.

In an interview with Bloomberg, head of Square Capital Jacqueline Reses said, “We think that the application of what we do is broader than just within Square’s ecosystem. … . So long as we believe that we have a data advantage in underwriting, and it’s relevant to our core business, you can see us extending beyond Square further.”

The terms of the deal were not disclosed; however, Recode reported that since Upserve is advertising the loans on Square’s behalf, Upserve is likely benefiting from a cut of the referrals. This is Square Capital’s first expansion outside of its own customer base.

Founded in 2009, Upserve manages more than $800 billion in annual transaction volume and adds 200 to 250 restaurants to its customer base each month. The company demoed as Swipely at FinovateSpring 2012 and has raised more than $40 million.

Finovate Alumni News

On Finovate.com

  • Persado Earns Top 20 Ranking in Inc. 500 Fastest Growing Companies List
  • Qumram Wins Swisscom Startup Challenge (Note: See Qumram demonstrate its technology in New York at FinovateFall 2016 on 8/9 September.)
  • HelloWallet’s New Feature is a Budget Within a Budget
  • Upserve’s New Square Partnership Offers Clients Access to Funding via Square Capital

Around the web

  • New partnership lets small businesses using Xero pay invoices using PayPal.
  • TSYS extends payments agreement with Swisscard.
  • The Muse features Persado on its list of “20 companies that want you to be happy.”
  • CRN lists MapD Technologies as one of 10 of the coolest big-data startups of 2016.

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.

Swipely Rebrands as Upserve to Focus Exclusively on Restaurants

UpserveHomepage

Marketing-insights startup Swipely has rebranded to Upserve and launched some major additions to its product line. The Rhode Island-based company was founded in 2009 to “provide marketing tools to main street merchants” and has since narrowed its focus to offer analytics tools exclusively to restaurants. Today’s rebranding reflects that focus.

In a blog post announcing the change, Swipely CEO and Co-founder Angus Davis highlights Upserve’s growth serving the restaurant industry, which employs 1 out of every 10 people in the U.S. workforce:

  • Serves thousands of restaurants across all 50 states
  • Manages 11 million meals per month, up more than 1.7X from last year
  • Manages relationships with 16 million active diners through its CRM program, Guest Book

Along with the rebrand, Upserve added to its product line, which originally consisted of sales analytics, server performance, and menu popularity. The company’s newly launched mobile app helps restaurant owners remotely manage all of their restaurants by comparing sales with labor performance and generating reports across locations.

In an interview with Street Fight, Davis touted how the app will help balance restaurant ownership with work obligations, stating, “It lets them get out of the restaurant for a while and still feel like they’re there.”
DualMobile

Upserve is also launching ShiftPrep, which combines data from table management, point-of-sale systems, and CRM. That data is matched with machine learning, predictive analytics, and external data such as weather to forecast customer dinner traffic.

shift-prep1-forcast

Upserve presented at FinovateSpring 2012 where it demoed Payment Marketing. The company has raised a total of just over $40 million in equity. Last year, it was featured in AlwaysOn’s OnFinance Top 100 list.

Finovate Alumni News

On Finovate.com:

  • “BBVA Acquires Holvi for Undisclosed Sum”
  • “Swipely Rebrands as Upserve to Focus Exclusively on Restaurants”

Around the web

  • TransferTo forges strategic partnership with emerging markets telecom, Millicom.
  • Digital Insight adds Android Fingerprint ID to its mobile banking app.
  • Nomis Solutions hires Frank Bria as vice president and go-to-market leader for new presentment optimization and personalized pricing initiative.
  • Xero extends partnership with MidPoint to make cross-border procurement easier.
  • Hyperwallet adds two new VPs: Tomas Likar and Daniel Berardo. See Hyperwallet at FinDEVr 2016 in New York this month.
  • Kasasa accountholders can now use their institution-issued credit card to qualify for rewards.
  • USA Today interviews Brendon McQueen, CEO of Tuition.io.
  • BioCatch granted new patent to detect user ID on electronic devices.
  • Lighter Capital has funded seven new clients so far this year.

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.