Finovate Alumni News

On Finovate.com

  • “Gusto, Formerly ZenPayroll, Closes on $50 Million Funding”
  • “U.K.-Based Yoyo Rolls Out Mobile Wallet in U.S.”

Around the web

  • B2B commerce technology company Handshake teams up with Xero.
  • Braintree launches new extension of its v.zero SDK in partnership with Magento Commerce.
  • CRIF Credit Solutions unveils new, fully responsive website geared toward international audiences.
  • Business Insider names Kabbage, Twilio, and Prosper as 3 of 42 startups that grew to be worth billions in 2015.
  • Top Image Systems to deploy eFLOW Digital Mailroom at GED Bulgaria.
  • NerdWallet’s five financial tips from robo-adviser CEOs feature insights from leaders of Betterment, Wealthfront, TradeKing Advisors, FutureAdvisor, and Personal Capital.
  • Nine months after launching, One Touch from PayPal reaches 10 million users in 23 countries.

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.

20 Alums Make the First Forbes Fintech 50

ForbesFintech502015

There’s more to the Forbes Fintech 50 list than just an awesome logo featuring George Washington wearing wrap-around shades. Forbes compiled the list by soliciting information from 300 startups, then interviewing more than 150 CEOs, founders, and industry experts. To make the cut, companies were required to have operations in the U.S. and a viable product.*

Simply put, Forbes describes the companies on the list as “small firms destined to have a big impact on your financial future and possibly upend your portfolio.”

This year, 20 Finovate and FinDEVr alums made the cut:

Algomi

  • Founded: 2012
  • HQ: London
  • Funding: $30 million
  • Customers: 14 large banks and 140 buy-side firms
  • FinovateFall 2014 demo

Betterment

Braintree

Chain

Credit Karma

HelloWallet

  • Founded: 2009
  • HQ: Washington, D.C.
  • Exit: Purchased by Morningstar in 2014 for $52.5 million
  • FinovateFall 2015 demo

Kensho

LearnVest

  • Founded: 2009
  • HQ: New York City, New York
  • Exit: Purchased by Northwestern Mutual in 2015 for $250+ million
  • FinovateFall 2013 demo

Motif

Personal Capital

Plaid

Prosper

Quantopian

Ripple

Simple

TransferWise

TrueAccord

Vouch

Wealthfront

Xignite


*While the list excludes financial giants, Forbes included startups acquired by larger companies but operating independently.

Personal Capital Lowers Investment Minimum From $100,000 to $25,000

PersonalCapitalHomepage1115

Robo-advisers have been on a roll. By year-end they are expected to amass $53 billion under management, up more than 3x from $16 billion last year. While these numbers are dwarfed by the $20 trillion wealth-management market, robo-adviser growth has garnered much attention.

In an effort to capture more of that growth, Personal Capital is lowering its minimum investment from $100,000 to $25,000. The San Francisco-based company expects the lower threshold will help tap into its 850,000 users who track their investments with its free online platform. About half of these users are eligible to meet the new $25,000 investment minimum.

Lowering the minimum will also help Personal Capital compete with Wealthfront which requires a minimum of $500, and Betterment which does not have a minimum investment requirement.

The New York Times recently reported stats from three robo-advisers:

Company Min. Investment Req’d Users AUM Average AUM/ User
Personal Capital $25,000 6,000 $1.6 billion $260,000
Wealthfront $500 37,400 $2.6 billion $70,000
Betterment $1 118,000 $3 billion $25,000

Personal Capital most recently presented to a crowd of developers at FinDEVr 2015 in San Francisco. The company launched One Click Investment Proposals at FinovateSpring 2014 in San Jose.

Betterment last demoed its multiple goals feature at FinovateFall 2011, and before changing its name in 2010, Wealthfront launched as KaChing at FinovateSpring 2009.

Finovate Alumni News

On Finovate.com

  • “VATBox Wins Spot in Inaugural Global MasterCard Start Path Class”
  • “Finovate Debuts: Persistent Systems Introduces Social Payments Solution, BuddyPay

Around the web

  • Billhighway ranked number 398 fastest growing company in North America on Deloittes 2015 Technology Fast 500.
  • Inspirus Credit Union replaces its existing digital banking system with Alkami Technology’s ORB platform.
  • Corezoidpowered mobile Privat24 for Android lets users scan and digitize discount cards.
  • Let’s Talk Payments features Coinbase, Chain, Ripple, and ItBit in its roundup of top fundraising blockchain and bitcoin companies for 2015.
  • PYMNTS.com interviews Ripple CEO Chris Larsen on payment trends for 2016.
  • BBVA’s new release of BBVA Wallet enables users to redeem credit card rewards on the spot.
  • TokBox’s new developer toolkit brings voice and video chat to Apple TV apps.
  • Facebook’s CTO Mike Schroepfer joins Wealthfront’s board of directors.

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

  • “Hip Pocket Introduces its New PFM Solution, Hip Money
  • “FinDEVr Newcomer Praesidio Rakes in $3 Million Investment”

Around the web

  • Cachet Financial Solutions to deploy its Select Mobile Money platform with a global payment solutions provider seeking U.S. expansion.
  • Currency Cloud launches its Payment Engine Two API to enable faster payments and greater scalability.
  • D+H Global PayPlus teams up with Ripple, integrating its payment-services hub with Ripple’s distributed-ledger technology.
  • Thomson Reuters announces content update to its Checkpoint Catalyst FASB reporting solution.
  • Ahead of its impending IPO, Worldpay firms up IPO price range.
  • Self Lender names MX as one of three startups “absolutely crushing it” in fintech.
  • Wealthfront lists App Annie, Avalara, Credit Karma, and Twilio on its list of career-launching companies.
  • Expensify launches new integration features for Xero.

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

  • “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

  • “Last Call! FinovateFall Tickets Going … Going … “
  • “FinovateFall 2015: Mapping Fintech’s International Neighborhood”

Around the web

  • The Forrester Wave: Omnichannel Banking Solutions report recognizes Backbase as leader.
  • BizEquity signs contract with Security Mutual Life Insurance Company of New York.
  • North American retailer Newegg chooses Payoneer to simplify its cross-border payments.
  • Zopa and Nostrum Group earn spots on The Sunday Times Tech Track 100 roster.
  • Philippine bitcoin-remittance service Rebit teams up with mobile money-transfer specialist, ZipZap.
  • Let’s Talk Payments looks at Wealthfront and Betterment in a discussion on the effectiveness of robo-advisers.

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: DoubleNet Pay Puts Payday at the Center of Financial Planning”

Around the web

  • Coinbase expands its services to Canada.
  • Zopa appoints Jaidev Janardana to CEO; co-founder and former CEO Giles Andrews assumes role as executive chairman.
  • ArcBit highlighted in Brave New Coin feature on iOS-based digital wallets. See ArcBit at FinovateFall 2015 in New York.
  • Xero and Bill.com team up to offer Direct Sync integration for SMEs.
  • Utah Business Magazine names MX number 20 of 50 of Utah’s fastest-growing companies.
  • ID Analytics names Scott Carter CEO.
  • Ormsby Street opens offices in Italy. See Ormsby Street at FinovateFall 2015 in New York in September.

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

  • “SumUp Raises €10 Million in Round Led by BBVA Ventures, Groupon, American Express”

Around the web

  • In its fiscal year 2015, Avoka signs record number of clients and experiences 70% year-on-year bookings growth.
  • Yodlee is accepting applicants for its upcoming Ynext Incubator class.
  • Markit acquires FX trade-processing specialist DealHug. See Markit at FinDEVr 2015 in San Francisco in October.
  • Emailage opens European data center.
  • After BlackRock’s acquisition of FutureAdvisor, ThinkAdvisor considers the fate of Wealthfront and Betterment.
  • Forbes looks at Mint, MaxMyInterest, Moven, and Venom in a discussion on the connection between mobile, messaging, and financial services.
  • Mainstream features a quote from founder of DoubleNet Pay, CEO Brian Cosgray, on the impact of debt on new retirees.

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: Slice Introduces Intelligent Shopping API”
  • “Arxan Technologies Drafts Joe Sander as CEO”

Around the web

  • Kasasa reaches milestone: 300+ community FIs now offer Kasasa to members, a total of 823,000 accounts.
  • NY Times lists Betterment, Coinbase, Wealthfront, ZenPayroll as companies that may be the next startup unicorns.
  • Crowdfund Insider: Zopa tops £1 million in loans, a U.K. first for peer-to-peer lending.
  • Global News interviews Karl Martin, Nymi CEO and founder.
  • Trustly bolsters team with appointments from H&M and Klarna.
  • FIS launches financial inclusion lab in India.
  • SME Insider interviews CurrencyTransfer.com‘s CEO Daniel Abrahams.
  • Silanis to deploy eSignLive technology with TransGuard and Occidental Fire & Casualty.
  • Puerto Rico-based Evertec to enable mobile e-commerce courtesy of Acculynk’s PaySecure.
  • Payoneer wins contract with Dailymotion.
  • NPR interviews Pindrop Security‘s CEO Vijay Balasubramaniyan.
  • Selling Power ranks OnDeck 17 out of 50 on its list of 2015 Best Companies to Sell For.
  • Nostrum Group receives FCA authorization for debt administration to cover its involvement in customer loan accounts and debt collection.

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.