Funding

Finovate Alumni Raise $825 Million in 2013, Up 79%

By Julie Muhn (@julieschicktanz) Posted on
Categories: Affinity Solutions, Apprenda, Azimo, Bill.com, BillFloat, Cardlytics, Check, Clover Network, CoverHound, Credit Karma, CurrencyFair, DeviceFidelity, Doxo, Dwolla, ERN, Fenergo, FinanceIt, Flint Mobile, FTRANS, Funding, Heckyl Technologies, Jemstep, Kofax, Kony Solutions, LearnVest, Lendio, LendUp, Meniga, Moven, Narrative Science, Numbrs, On Deck Capital, OpenCoin, P2BInvestor, Payfone, PayNearMe, peerTransfer, Personal Capital, Ping Identity, Prestadero, Prosper, Q2ebanking, Receivables Exchange, SafetyPay, SeedInvest, Socure, SoMoLend, Spreedly, SumUp, Swipely, Taulia, TradeHero, Tradeshift, TransferWise, True Office, Trustev, Tuition.io, Wealthfront, Wipit, Xero, Zooz

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Cheers to a new year! After ringing in 2014, we wanted take a look back at the capital raised by Finovate alumni in 2013. It was quite a year, with alums pulling in $825 million, $365 million more than in 2012 for an increase of about 80%.
2013 funding summary:
    • 62 companies raised $825 million
    • Q4 had the most capital, with a total of $294 million raised by 17 companies (more than half by Xero, which landed $150 million). 
    • October was the busiest month, with $177 million raised (mostly Xero’s $150 million)
    • May was second highest with $91 million raised by 7 companies
2012 comparison
Last year Finovate alums took in almost twice as much as 2012, when 44 Finovate alums collectively raised $460 million. The chart below shows the quarter-by-quarter comparison for both years.
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Quarter 1 — blog post
More than $155 million raised by 14 companies
January — $57 million raised by 6 companies
February — $56 million raised by 5 companies

March — $42 million raised by 4 companies


Quarter 2 — blog post
More than $205 million raised by 15 companies
June — $81.7 million raised by 6 companies
May — $91.5 million raised by 7 companies
April — $32 million raised by 2 companies

Quarter 3 — blog post
More than $171 million raised by 22 companies

July — More than $63 million raised by 8 companies
August — More than $26 million raised by 6 companies
September — $82 million raised by 9 companies
Quarter 4
More than $294 million raised by 17 companies

October— $177 raised by 6 companies
November — More than $87 million raised by 7 companies
December — More than $30 million raised by 6 companies

Note: Funding that companies received before they first appeared at Finovate was not counted. Questions? Comments? Email us at julie@finovate.com or david@finovate.com.

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Trustev Brings in $500k from Notion Capital, Adding to the $3 Million it Garnered in October

By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Trustev

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European fraud-fighting company Trustev made an announcement yesterday that further proves the increase in demand for fraud prevention security platforms. After receiving $3 million in seed funding in October, the Ireland-based company announced an extra $500k investment from Notion Capital.

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The startup, which processes an average of 2 million customer transactions per week for 60 merchant customers, will use the extra cash to increase the number of transactions it protects. By February, it plans to protect 10 million customer transactions per week, a 5x increase.

Additionally, by Q2 2014, it plans to bolster its service by not only protecting transactions, but also by guaranteeing the protection from fraud.

Trustev will demo at FinovateEurope 2014 in London. To come and see the action live, get your ticket here.

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Tradeshift Brings in $15 Million of a $57 Million Equity Round

By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Tradeshift

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Electronic invoicing solutions company, Tradeshift, announced it recently brought in $15 million in equity funding.

This round is the first installment of a $57 million round. According to the San Francisco-based company this equity sale is, “part of something much bigger,” though it did not provide further detail.

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Tradeshift demonstrated at FinovateEurope 2013 in London where it debuted its Instant Payments feature.

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D3 Banking Creator Lodo Software Brings in $3 Million

By Julie Muhn (@julieschicktanz) Posted on
Categories: D3 Banking, Funding, Lodo Software

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Lodo Software, creator of D3 Banking digital banking services, has recently padded its bank account. The Nebraska-based company announced yesterday that it brought in $3 million.

Invest Nebraska and Treetop Ventures contributed the funds, which will be used to bolster sales and marketing efforts and develop more products.

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Since launching in 2007, the company has brought in more than $9 million.

Lodo Software debuted D3 Banking at FinovateSpring 2013. Check out the demo here.

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Apprenda Raises $16 Million in Series C Funding

By Julie Muhn (@julieschicktanz) Posted on
Categories: Apprenda, Funding

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Enterprise Platform-as-a-Service provider, Apprenda, announced it has raised some major funding today. The New York-based company raised $16 million in a Series C round from three investors. 

Safeguard Scientifics led the round, and existing investors Ignition Partners and New Enterprise Associates also contributed.

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While Apprenda’s customer list already includes 13 of the world’s top 20 banks, as well as a number of Fortune 500 companies, it plans to use the round to further increase adoption of its Platform-as-a-Service.

The new round brings Apprenda’s total funding to $32 million.

Apprenda debuted at FinovateFall 2013. Check out its demo video here.

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Financeit Brings in $13 Million in Series A Funding

By Julie Muhn (@julieschicktanz) Posted on
Categories: FinanceIt, Funding

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In 2011, Financeit began providing point-of-sale funding options for small businesses to offer their customers. Today it announced it has raised $13 million to bolster this unique business model.

Investors include:

    • TTV Capital
    • Inter-Atlantic Group
    • Second City Capital

The Toronto-based company, which has almost 3,000 merchants processing more than $500 million in loan applications on its platform in Canada, will use the funds to begin its expansion into the U.S.

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At FinovateFall 2013, Financeit launched its platform on the iPad, which enables merchants to capture customer information by photographing the customer’s drivers license using a tablet or smartphone. Check out the demo video here.

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Bill.com Rakes in $38 Million in Series E Funding from Long List of Investors

By Julie Muhn (@julieschicktanz) Posted on
Categories: Bill.com, Funding

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Bill.com, the company that brings online invoice, cashflow management, and bill pay solutions to its 275,000 users announced today that it raised $38 million in Series E funding.

Among the many investors in this round are:

    • American Express
    • August Capital
    • Bank of America
    • Fifth Third Capital
    • Peter Knight, founder of CheckFree (acquired by Fiserv in 2009)
    • Scale Venture Partners

This funding, combined with Bill.com’s previous rounds, brings the Palo Alto-based company’s total funding to over $70 million.

Bill.com, which manges more than 10 million bills per year worth more than $12 billion, will use the new installment to enhance its growing banking channel and accelerate its payments network.

Bill.com demonstrated its CashView product at FinovateSpring 2012.

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Showing Our Age: A Look at FinovateAsia 2013 Demo Company Launch Timeline

By Julie Muhn (@julieschicktanz) Posted on
Categories: Advanced Merchant Payments, App Annie, Arkalogic, ArthaYantra, Backbase, BehavioSec, BlueKite, BRIDGEi2i, CustomerXPs, Dragon Wealth, FinovateAsia 2013, Funding, GMC Software Technology, i-exceed, IND Group, Intuition Intelligence, KlickEx, Kofax, LifePAD, Mambu, Matchi, Mistral Mobile, Mobexo, Mobino, Pangea Payments, Payoneer, Pixeliris, Red Zebra, SaaS Markets, Serverside Group, SinoLending, Smart Engine, TIBCO Software, Tootpay, TradeNet, TSYS, White Label Personal Clouds, Yodlee

At Finovate, we’ve seen how great innovation comes from companies of all ages. All we have to do is look at the Best of Show winners from FinovateAsia 2012. The founding dates of the winners ranged from 1858 (NAB, the parent company of UBank) to 2012 (SocietyOne).

We don’t know who will win Best of Show at FinovateAsia in Singapore this year, but looking at the launch date of the 37 companies taking the stage November 14, we found a 28-year spread. 

Here they are in reverse chronological order with funding amounts, if disclosed:

2013- 2012
  • BlueKite: 2013
    Total Funding: $1.5 million Seed funding
2011-2008
  • KlickEx: 2011
    Total Funding: $1.3 million
  • Mambu: 2011
    Total Funding: $2 million Series A

2007 or earlier
  • Yodlee: 1999
    Total Funding: $124 million
  • BehavioSec: 1998
    Total Funding: $2 million (€1.5 million)
  • Kofax: 1985
    Public LON: KFX

To learn more about each of these companies, check them out here and come see their live demos in Singapore on November 14.

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All numbers and funding information sourced from Crunchbase.com

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Cloud Accounting Platform Xero Raises $150 Million from Investors and Shareholders

By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Xero

XeroLogo.jpgXero, a New Zealand-based company that creates cloud-based accounting software, has experienced a large growth spurt lately. Earlier this month, it officially launched in the U.S. and today it announced the largest installment of equity funding we’ve seen for a Finovate alum thus far.

The $150 million (NZ $180 million) in funding comes from a range of investors and existing shareholders. When combined with last year’s $49 million from Peter Thiel and Matrix Partners, and other previous rounds, the company’s total funding amounts to $230 million.

In the video below, CEO Rod Drury explains the funding and how it plans to use the cash.

Xero demoed at FinovateSpring 2011 where it debuted its Business Identification product.

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Wipit Brings in Series A Financing from Core Innovation Capital

By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Wipit

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Mobile wallet provider Wipit announced last week that it received an undisclosed amount in Series A funding.

Wipit’s major offering is a mobile wallet service, which, in a combined effort with Boost Mobile, was launched 

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specifically to serve the underbanked community. Any user with a mobile phone has access to the mobile wallet– even if they don’t have a bank account. 

Since Core Innovation Capital focuses on supporting innovations that serve the underbanked community, Wipit is a good candidate for the funding.

The California-based company plans to use this Series A round to expand consumer adoption.

To learn more about Wipit, watch its FinovateSpring 2012 demo.

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Jingit Raises $7 Million

By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Jingit

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Jingit, the startup that pays users to watch ads online, announced last week that it raised $7 million from undisclosed investors.

This comes after the $3.5 million round the Minnesota-based company raised last year, bringing the total investment amount to over $10 million.

Jingit demoed at FinovateFall 2011, where it announced that U.S. Bank will provide the Jingit debit card that users can swipe to spend the cash they earned watching ads. No word on the status of that trial.

To learn more about Jingit, watch its FinovateFall 2011 demo.

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