Draw up a list of the top fintech innovators of 2014. Got it? Now tell me how many of your top 50 companies are not just impressive companies in their respective fields, but Finovate alums, as well.
If you are global accounting and consulting group, KPMG, then the answer is “more than half.”
Of the 50 companies recognized by KPMG in its 2014 review of top fintech innovators, 27 have demoed their technologies at Finovate conferences. And of that 27, 13 have won Best of Show at least once.
The inaugural “50 Best Fintech Innovators” report is a joint venture between AWI Ventures KPMG Australia and the Financial Services Council (FSC).
The companies chosen were selected based on four factors: total capital raised, rate of capital raising, degree of sub industry disruption, and “degree of product, service, customer experience and business model innovation.”
Writing in an introduction to the report, AWI Limited CEO Ben Heap explained why fundraising played such a prominent part of the selection process.
“These assessment criteria reflect the fact that venture capital invested is a relevant measure of innovation which in turn fuels enduring competitive advantage,” he wrote.
“Venture capitalists seek this enduring competitive advantage over and above everything else.”
Here’s a breakdown of Finovate alums in the list, in order of appearance, along with links to their most recent demo video. Boldface indicates Best of Show winner.
“Ones to Watch”
See the full list of companies here
- NCR to sell new mobile imaging solutions from Mitek.
- Backbase teams up with Accenture to help FIs improve customer engagement through digital channels.
- Dwolla announces role as payment partner for Microsoft for Government initiative.
- Australia-based ME Bank deploys core banking system, business intelligence, and anti-money laundering solutions from Temenos.
- MasterCard launches MasterPass in France and Russia.
- Finovate Debuts: eMoney Advisor Provides Financial Advisors with a Suite of New Planning Tools.
- Independent Financial Advisor takes a look at Motif Investing and Wealthfront.
- Xero reaches 400,000 paying customers.
- Entersekt responds to FIDO Alliance’s U2F specifications with its FIDO U2F-enabled authentication solution, Transakt.
- Fintech for the Rest of Us blog mentions PayStand over PayPal and Stripe for bitcoin payments.
- PayItSimple integrates with 30 more payment gateways in collaboration with Spreedly now integrated with approximately 70% of all gateways in the US.
- Payfone and Early Warning partner on mobile authentication.
- Marlborough Savings Bank now offers Kasasa to enhance checking account offering.
- Spend Matters reports: Receivables Exchange the largest of the Online Invoice Auction Exchanges.
- Arxan announces enhanced mobile runtime app self protection (RASP) capabilities.
- Lendio named One of Utah’s Best Companies to Work For in 2014.
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.
Nothing says “the future’s so bright you gotta wear shades” like earning $100 million in investment capital in less than a year.
Following up on a $35 million dollar round in April, the investment of $64 million just announced by Wealthfront this week puts its total capital at $130 million. With this investment, the company is now worth $700 million, making it one of the more richly valued innovators in the so-called “robo-advisor” space.
New investor Spark Capital Growth led the funding round.
Writing at the Wealthfront blog, Nash is keeping his eye on prize: the $7 trillion in liquid assets
Millennials are expected to control within the next half decade. He is also keeping his eye on Charles Schwab, hoping to do for the Millennial generation what Schwab did for baby boomers – only a whole lot faster. “It took Schwab six years to reach its first $1 billion in client assets,” Nash writes, “It took Wealthfront less than 2.5 years.”
Schwab is likely on Wealthfront’s radar for another reason. TechCruch noted that Schwab has announced plans for its own robo-advisor service called “Intelligent Portfolios.” With competition in the space already intense, initiatives like this from legacy advisors will make the online investment management space that much more challenging for innovators.
Based in Palo Alto, California, and one of the oldest Finovate alums, Wealthfront demoed as “kaChing” at FinovateStartup 2009.