Game On: What Banking Can Learn from Fitbit

TDbank_fitbit_signageI’ve always been a “wanna be” tracker. I like watching the stats closely, but I also lose interest if the process, either capturing the data or compiling it, becomes tedious. But thanks to mobile (including wearables), the drudgery is disappearing and that has big implications for banking and financial services.

Some examples. I’ve used Mint since 2007 for personal and business expenses, so I have a massive database of transactions, which in theory should make it easy to locate just about anything I’ve charged to a credit or debit card in the past eight years. However, it’s never quite perfect because I will go for long periods without doing the required maintenance to keep every aggregated account flowing. Recently, I just fixed one of my main credit cards which has been on hiatus for 2 years. So, there are big holes in the data.

Then there’s BillGuard, another service I love and have been using for years. I love how it alerts me to questionable items as they hit my card accounts. However, BillGuard’s database is so good, that I rarely hear from them any more. This is good news for me (no questionable items), but less so for them. Because what’s invisible, loses its perceived value.

And I’ve tried tracking other things over the years, both financial and personal. And nothing seems to stick. Until now. I just hit my 2-year anniversary using Fitbitusually glancing at its tiny readout several times per day. So what is it about Fitbit that makes it addictive? And more importantly, how can financial institutions do the same for money management?

capitalone_uber1. Make it easy to use: While Fitibit requires zero maintenance once you get it activated, you do have to remember to keep it on you. The same goes double for a bank’s credit or debit card. Not only do you have to remember it, you also have to choose to use it at the point of sale.

Action item: Incent users to get your card loaded into digital ecommerce sites such as Apple Pay, Amazon, iTunes, PayPal, Uber, Spotify and others. Capital One just unleased a great, albeit expensive, program with Uber to credit back 20% of rides to its cardholders (link).

2. Make it easy to see exactly where you stand in real-time: Fitbit provides feedback literally every step of the day. It’s extremely motivating, though at times discouraging when you fall way behind of personal goals. Card issuers today do something similar delivering real-time alerts right to the smartphone homescreen (and soon to the Apple Watch). But transaction alerts still don’t tell you where you are.

Action item: Make notifications smarter by including daily, weekly, monthly transaction summaries and/or credit available. They could be included in the notification, or enabled with a swipe of the transaction alert.

3. Make it easy to compare to previous periods: This is still a missing piece of my ultimate Fitbit experience. The mobile app makes it easy to scroll backwards or look at bar charts to see how you are doing over time. But there are no simple month-over-month or year-over-year comparisons to see your progress in similar time periods.

Action item: Create single-click views of financial activity and balances compared to one month ago, one year ago, two years ago, etc.

Fitbit email

4. Provide ongoing incentives: Like saving money is its own reward, burning calories walking and climbing are clear rewards of bumping your Fitbit numbers. But it doesn’t hurt to provide extra incentives along the way. This keeps customers engaged, and appreciative of the game provider. Unlike BillGuard, which so quietly goes about its business that I forget about it, Fitbit is always hitting users with badges, and popup notifications, for hitting various daily or lifetime milestones (it actually needs to do more as experienced users can rarely get a new badge, I haven’t had a new one since last November).

Action item: The badges may be cheesy, but the email congratulations are powerful (see inset from Fitbit the first time you walk 20,000 steps in a day).  This has to be one of the simplest things you could do to reinforce good money management. Send an email congratulating a customer when their saving balance, rewards points, interest earned, or whatever, increases compared to a month ago or a year ago. Who doesn’t appreciate an “atta boy or girl” every now and then (even if it is from your bank)?

5. Get social: While I’m not of the social media generation, I do understand its appeal. Just today, Fitbit sent me a reminder to add friends. This allows users to compete against friends and family, a potentially motivating way to get you off the couch and moving. And while I’d never share Fitbit data with friends, I do enjoy a friendly competition with my wife. The key is to make sharing highly selective, customizable, and easy to switch on and off.

Action item: While financial information is not as readily shareable as fitness data, Venmo has proven that it has potential. The youthful set who’ve taken to using Venmo (see the Venmo line), enjoy sharing payment activity, but only without revealing the actual dollar amount, and allowing for maximum snark in the share. And there are also plenty of serious use cases for sharing financial data, such as employees with their employers, kids with their parents, etc. Card issuers should add optional sharing to all card management platforms.

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Screenshot: TD Bank landing page (22 April 20015, link)

tdbank_fitbit

 

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Picture Credit: TD Bank has been giving away Fitbit Flex trackers to new checking account customers (screenshot above). A reader from MaximizingMoney.com contributed this upper-right photo of TD signage in the NYC subway.

 

Tuesday Tactics: Let Users Schedule their Online Account Opening

One of the biggest headaches opportunities in digital banking today is closing the account-opening gap. The gap is the close rate online (generally well below 50%) compared with the much-higher percentage at the new-accounts desk in a bank branch (see note 1).

There are hundreds of ways to improve digital account opening (see previous posts), but I stumbled across a new one this week. WiseBanyan, a new robo-advisor I’m quite impressed with, sent me a reminder to use my invite before it expired (see first screenshot below).

The email provides two choices (three if you count “delete”): Open My Account or Extend My Invite. Naturally, as a life-long procrastinator, I chose “extend.” That’s when WiseBanyan unleashed today’s Tuesday Tip. I was delivered to a simple webpage (second screenshot) offering a simple way to add the task to my calendar. Procrastination foiled! (We’ll see next week).

————

Screenshots:
1. Email from WiseBanyan (19 April 2015)

wise_banyan_email

2. WiseBanyan “extend my invite” landing page

wise_banyan_schedule_opening

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Note:
1. I know we are comparing pineapples and peanut butter here. Of course, more people abandon online account opening (or its ecommerce counterpart, the shopping cart). It’s easy to “kick the tires” online by starting an application with no intent on finishing it. But few people would make a trip to a branch and sit down with a branch staffer unless they were serious about opening an account.

The New New in Financial Technology

chemical_Bank_atm

It’s about this time every year that someone tells me there just isn’t that much new going on, at least not like the “old days” (which could be last year, 2007, or 1997). Usually, they want me to change their mind, offer up some crazy examples of how the world of financial services is about to be turned on its head.

But things just don’t move that fast in the world of money, nor should they. In the past 50 years, there’s been a banking technology game-changer every 10 years or so:

  • 1960s: Credit cards move unsecured consumer lending outside the branch
  • 1970s: ATMs moved cash withdrawals out of the branch
  • 1980s: Call centers moved customer service and account queries out of the branch
  • Late 1990s: The Internet moved account queries away from the telephone, mail and ATM
  • Late 2000s: Mobile moved account queries away from the (desktop) web and check deposits out of the branch
  • Late 2010s: ????

We are still hard at work on the mobile phase which started very late in the last decade. Apple didn’t allow outside apps until mid-2008 and it wasn’t really until 2009/2010 that mobile banking came into its own. And the Great Regulation push after the Great Recession, has stifled innovation somewhat.

However, halfway through the 2010s, I’m still unsure what history will show as the groundbreaking change of the decade. Here are three contenders:

  • Wearable computing: That’s just a workaround before less cumbersome technology comes along
  • Bitcoin/blockchain/crypto technology: It may be on the chart in the next decade, but I don’t think it gains dramatic traction in the next four or five years (at least in countries with stable fiat currencies)
  • Crowdfunded/marketplace lending: While initially commercialized by Zopa, Prosper, Lending Club in the 2005-2007 period, it really didn’t get going until after the worst of the financial crisis had run it’s course in 2010/2011 (and after the SEC shut the US companies down for half a year in 2008/2009).

My prediction: All threee interesting and potentially huge. But I don’t think wearables or crypto gain enough traction in the next four or five  years to be considered gamechangers of this decade. But I believe history will show that direct investor-to-customer lending (aka P2P lending or crowdfunding) begin to take hold in the mid-to-late 2010s.

Last year, total worldwide volume in crowdfunded loans was just $11 billion. That’s just 1% the size of a Chase, BofA or Citibank. So clearly, there is a long, long way to go before we start considering crowdfunded lending to be a disruption. But I believe it will begin to take measurable deposits and loans away from banks, credit unions and credit card issuers by 2018/2019.

We are due for a new game changer and I don’t think we are going to be wearing it on our wrists.

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Picture credit: PixGood

First Look: Square’s New Cashtags for Small Business & Non-Profits

cashtag_wikipedia
There has been no shortage of major announcements in the payments space in the past few weeks.

  • Facebook added a “send money” option to its messaging service
  • Starbucks added pre-ordering into 650 northwestern U.S. locations in advance of a national rollout
  • PayPal acquired the platform upon which MCX is built on

And yesterday, Square launched an SMB version of its Square Cash, brilliantly named Cashtags. Any person, business, or non-profit can create a cashtag out of its name (first-come, first-served) at cash.me/$yourname. Then to pay by debit card, users click on your cashtag, enter their debit card number, postal code, CVV and amount to pay. Space for an optional message to the business is also included. First time users also have to confirm their email address or mobile phone number, before the payment is sent.

For businesses, it’s not much different than using PayPal. But the setup is slightly less intimidating Square onboards new merchants gradually, so as to not scare them off before finishing the process. When I set up my original cashtag, all they asked was my email address or mobile phone number, which was subsequently verified. It was only later when I was playing with that app, that they hit me up for my full name and last 4 digits of my social security number.

The big difference is in pricing. Square Cash business recipients pay a 1.5% transaction fee (with no per-transaction flat fee), undercutting PayPal business account fees by about 50% (both Square & PayPal have free options for non-business person to person transfers). I sent a few bucks off to Wikipedia and it worked perfectly (see screenshot above).  As it should, the debit authorization showed up right away in online banking (see below, from U.S. Bank).

cashtag debit confirmation

 

FI Opportunities & Threats:

For financial institutions not actively involved in the acquiring business, here’s a chance to build ties between your business debit card and your small-business (SMB) customers, at little cost and with no cannibalization of existing revenues. The zero-cost approach is to simply educate your customers about this new option from Square. Since cashtags are available on a first-come-first-served basis, it would make a timely subject for an email, blog post, or online article.

A more involved strategy would be to incorporate Square Cash and Cashtags directly into secure online banking. While Square has not published an API to make integration easier, access to Square Cash could be added to your dashboard, even though it would still run through the Square UI.

The main downside for at least endorsing Square, and it’s potentially a sticky issue, is that Square Cash/Cashtags is part of a larger payment and lending business being built by Square. It’s possible, but not all that likely, that at some point Square could be considered a material competitor to your core business. However, if you are not in the acquiring business, you have already opened the door for others to provide payment services to your customers. Square is probably less of a direct threat than Chase, Wells Fargo or other major merchant acquirers.

And regardless of whether or not you steer customers to Square, you can mine debit card transaction history. Personal checking accounts with numerous Square and/or PayPal transactions are likely being used by someone with recurring revenues. That’s your first clue there is a potential new business banking customer in the mix.

First Look: Starbucks Mobile Order & Pay

Order Ahead Display in Starbucks store
Order Ahead Display in Starbucks store

 

Living in the epicenter of the Starbucks empire, I have followed the caffeine-dispensing giant closely since the beginning. What I would not have guessed 20 years ago, is that it would emerge as a payment pioneer. First, the company was at least five years ahead of its time with gift cards. Now, it’s doing the same with mobile payments/rewards.

And Starbucks continues to innovate. Just this week, the company widened the beta rollout of its remote ordering option, Mobile Order & Pay, to 650 stores in the Northwest. And luckily this includes my home turf in Seattle, so I had a chance to use the service on its first and second day (March 17 & 18).

Here’s my first impressions:

  • It’s no gimmick: There are real user experience and operational gains. Unlike Apple Pay, or even the Starbucks app, which arguably take longer than a simple credit card swipe, there is a material time saving for the mobile order & payment process. Once your drink order is saved (see screenshot below), it takes only about 15 seconds to order AND pay. Even if there were no queue (unlikely), that’s still a significant time savings over the usual ordering process. And the labor savings over time could be significant, especially in relatively high-wage areas, such as Seattle where the minimum wage is scheduled to move to $15 .
  • Pushes usage to stored payment credentials: There’s a reason why Starbucks added “Pay” to the name. They clearly like making the payment invisible. In the past, I’ve opted to top up my Starbucks account (via credit card) at the counter, since I was there ordering anyway. Now, I’m going to do all that in the mobile app. Again, another labor savings for Starbucks and an opportunity for issuers to make sure their card is loaded into the Starbucks app, PayPal, or in Apple Pay, since those are all reload options.
  • Drives more business: While remote ordering is seen initially as a convenience for existing users, it’s also a powerful tool to drive additional store traffic. In an unfamiliar area, you simply open the orders tab and instantly see the closest store, GPS-guided directions and an estimated time to get there, either walking or driving. A great use of map

Screenshots

The app shows 3-minute window when order will be ready along with driving directions.
The app shows 3-minute window when order will be ready along with driving directions.

 

Previous orders are saved in the app for quick reordering.
Previous orders are saved in the app for quick reordering.
Users can reload the Starbucks mobile app using Apple Pay, PayPal, or credit card
Users can reload the Starbucks mobile app using Apple Pay, PayPal, or credit card

 

FinTech Fundings: 3 Companies Raise $29 Million the Last Week of 2014

dollar_button.jpg

During the short week (three business days) closing out the year, just three fundings were announced, totaling about $30 million. The majority ($24 million) went to Finovate alum, Alkami Technology, to fuel growth of its digital banking platform offering.
Here are the three deals announced between 27 Dec and 31 Dec 2014: 

Alkami Technology
Digital banking technology
Latest round: $23.7 million
Total raised: $50 million
Tags: Online banking, mobile banking, Plano, Texas, Finovate alum
Source:FT Partners

PayClip (aka Clip)
Mexican payment company enabling POS purchases via smartphone
Latest round: $5.2 million
Total raised: $8.8 million
Tags: Payments, mobile, POS, merchants, acquiring, Mexico City, Mexico
Source: FT Partners

Arthena
Crowdfunding fine art investments
Latest round: Undisclosed
Total raised: Unknown
Tags: Crowdfunding, P2P, person-to-person, investing,
Source: FT Partners

Fintech Fundings: 14 Companies Raise $1 Billion Week Ending Dec. 12

Thumbnail image for fintechfunding_license.jpg

Buoyed by the $865 million raised in Lending Club’s blockbuster IPO, fintech companies raised $1 billion last week. That was the largest amount since we began tracking in August. Granted, without the IPO, it was a more “normal” $135 million week.
Finovate alums accounted for all but $35 million of the total with Dynamics ($70 million), eToro ($27 million) and BehavioSec ($6 mil) joining Lending Club ($865).
Here are the deals from Dec. 6 to Dec 12: 

Lending Club
Consumers loan marketplace
Latest round: $865 million (IPO)
Total raised: $1.25 billion (includes $50 million debt)
Tags: Lending, P2P, person-to-person, loans, credit, investing, San Francisco, California, Finovate alum
Source: Finovate

Dynamics
Interactive plastic for credit & debit cards
Latest round: $70 million
Total raised: $110 million
Tags: Credit/debit cards, plastic, EMV, MasterCard (investor), Pittsburgh, Pennsylvania, Finovate alum
Source: Finovate

eToro
FX social trading platform
Latest round: $27 million
Total raised: $61 million
Tags: Investing, FX, mirror trading, Cyprus, Finovate alum
Source:Finovate

Insikt
Consumer loan marketplace
Latest round: $16 million
Total raised: $100+ million
Tags: Lending, direct, credit, underwriting, P2P, investing, San Francisco, California
Source: Finovate

BitReserve
Securing digital money
Latest round: $12.5 million
Total raised: $12.5+ million
Tags: Bitcoin, cryptocurrency security, San Francisco, California
Source: Crunchbase

BehavioSec
Biometric security 
Latest round: $6 million
Total raised: $8 million
Tags: Security, biometrics, Luea, Sweden, Finovate alum
Source: Finovate

Quoine
Japanese Bitcoin exchange
Latest round: $2 million
Total raised: $2 million
Tags: Bitcoin, cryptocurrency, exchange, Japan
Source: Crunchbase

WagePoint
Online payroll solutions
Latest round: $2 million
Total raised: $2 million
Tags: SMB, accounting, billing, Kitchner, Ontario, Canada
Source: Crunchbase

iFunding
Real estate investing marketplace 
Latest round: $1 million
Total raised: $1 million
Tags: Real estate, peer-to-peer lending, P2P, crowdfunding, investing, New York City
Source: Crunchbase

Financial Diligence Networks
Hedge fund compliance 
Latest round: $420,000
Total raised: $420,000
Tags: Investing, hedge funds, compliance, regulation, Boston, Massachusetts
Source: Crunchbase

Page365
Invoice & billing services
Latest round: $420,000
Total raised: $420,000
Tags: Bangkok, Thailand
Source: FT Partners

WealthMinder
Retail investment management 
Latest round: $250,000
Total raised: $250,000
Tags: Investing, advising, wealth management, Reston, Virginia
Source: Crunchbase

Avra
Bitcoin technologies & payments
Latest round: $150,000
Total raised: $150,000
Tags: Cryptocurrency, SMB, merchants, payments, Palo Alto, California
Source: Crunchbase

Tappr
Mobile payments & POS solutions
Latest round: Undisclosed
Total raised: Unknown
Tags: Payments, mobile, SMB, merchants, acquiring, Brisbane, Australia
Source: Crunchbase

Fintech Fundings: 20 Companies Raise $840 million Week Ending Dec 5

Apparently the cyber-monday excitement carried over into the fintech VC sector, as they pulled out their checkbooks in record amounts this week. Counting direct digital financial plays (AvantCredit and Atom Bank), $538 million in equity and $300 million in debt were raised the first week of December. 
Even without Avant and Atom, a $288 million in equity investments flowed in, the third highest week since we began tracking in August. That total included two Finovate alums: SocietyOne ($20 million) and iQauntify ($1 million). 
Fundings from Nov. 29 to Dec 5 by size of deal:
AvantCredit

Direct online lender
Latest round: $525 million ($225 million equity, $300 million debt)
Total funding: $1.03 billion ($334 million equity, $700 million debt)
Tags: Credit, underwriting, lending, sub-prime, near-prime, alt-lending, Chicago, Illinois

Source: Crunchbase
Financing online purchases in China
Latest round: $100 million
Total raised: $100+ million
Tags: Credit, payments, underwriting, lending, POS, Bejing, China
Source: Crunchbase
Stripe

Easy-to-embed online payment processing
Latest round: $70 million (at $3.5 bil valuation)
Total funding: $190 million
Tags: payments, API, programmable web, YC, processing, SMB, mobile, San Francisco, California

Source: Crunchbase
Chinese wealth and investment management
Latest round: $50 million
Total raised: $60 million
Tags: Investing, wealth management, personal finance, Hangzou, China
Source: FT Partners

All-digital UK banking startup
Latest round: $31 million
Total funding: $31 million
Tags: Bank, mobile, Durham, UK 

Source: FT Partners
SocietyOne

Australian marketplace lending platform
Latest round: $20 million
Total funding: $28.5 million
Tags: P2P lending, peer-to-peer, credit, underwriting, investing, marketplace, Sydney, Australia, Finovate alum

Source: Finovate
Equity crowdfunding marketplace
Latest round: $7.8 million
Total funding: $19.7 million
Tags: Investing, P2P, SMB, marketplace, Exeter, UK

Source: FT Partners
MarketInvoice

Peer-to-peer lending against accounts receivables
Latest round: $7.5 million
Total funding: $10 million
Tags: Crowdfunding, peer-to-peer lending, P2P, London, UK

Source: Crunchbase
Borrowell

Canadian online lender
Latest round: $5.4 million
Total funding: $5.4 million
Tags: Lending, credit, underwriting, direct, Toronto, Canada

Source: Crunchbase
Veri-Tax

Ability-to-pay verification system
Latest round: $5 million
Total funding: $5 million
Tags: Credit, underwriting, ID verification, mortgage, compliance, Irvine, California

Source: Crunchbase
SmartVault

Secure storage solutions for the accounting industry
Latest round: $4.5 million
Total funding: $4.5+ million
Tags: Accounting, storage, virtual safe deposit, SMB, Houston, Texas

Source: Crunchbase

ChangeTip

Micropayment system
Latest round: $3.5 million
Total funding: $4.3 million
Tags: Payments, mobile, Bitcoin, Twitter, social, San Francisco, California

Source: Crunchbase
LandBay

Crowdfunding platform for investment properties 
Latest round: $2.4 million
Total funding: $2.9 million
Tags: P2P, peer-to-peer, lending, secured, mortgage, investing, rentals, crowdfunding, London, UK

Source: Crunchbase
Shift Technology

Fraud tools for insurance and ecommerce
Latest round: $1.8 million
Total funding: $1.8 million
Tags: Fraud, security, insurance, ecommerce, Paris, France

Source: Crunchbase
iPad point-of-sale system
Latest round: $1.2 million (grant)
Total funding: $115 million
Tags: Payments, mobile, POS, point-of-sale, merchants, SMB, San Francisco, California

Source: Crunchbase
iQuantify

Personalized financial advice
Latest round: $1 million
Total funding: $3.6 million
Tags: PFM, money management, investing, goals, Franklin, Tennessee, Finovate alum

Source: Finovate
AltPay

Mobile payments
Latest round: $1 million
Total funding: $1 million
Tags: mobile, payments, processing, merchants, SMB, Hollywood, Florida

Source: Crunchbase
BitGold

Bitcoin and precious metals exchange
Latest round: $700,000
Total funding: $1.7 million
Tags: Cryptocurrency, bitcoin, stored value, investing, Toronto, Canada

Source: Crunchbase
DigiByte

Decentralized payment network
Latest round: $250,000
Total funding: $250,000
Tags: Cryptocurrency, Bitcoin, micropayments, Santa Monica, California

Source: Crunchbase
BaseVenture

Private placement platform for real estate investing
Latest round: $30,000
Total funding: $30,000
Tags: Wealth management, private placements, real estate, investing, San Francisco, California

Source: Crunchbase

Fintech Fundings: 19 Companies Raise $240 million Week Ending Nov 7

The blistering $1 billion-per-month funding pace continued into early November, with more than $236 million raised globally across 19 fintech companies. Five Finovate alums recorded multi-million rounds including Trustly ($30 million), MX ($8.3 million), Kofax ($2.8 million), InvoiceASAP ($700,000) and Gremln ($500,000).

The deals by size recorded on Nov. 1 through Nov. 8, 2014:
Mobile payments & commerce
Latest round: $80 million
Total raised: $177 million
Tags: Payments, ecommerce, mobile, shopping, POS, point of sale, London, UK
Source: Crunchbase 
Global payments gateway
Latest round: $50 million
Total raised: $165 million
Tags: Payments, processor, Waltham, Mass 
Source: Crunchbase http://www.crunchbase.com/organization/plimus
Direct online/mobile bank payments
Latest round: $30 million
Total raised: $30 million
Tags: Payments, billpay, ecommerce, Stockholm, Sweden, Finovate alum
Source: Finovate 
Indian digital wallet
Latest round: $30 million
Total raised: $30.3 million
Tags: Mobile, payments, ecommerce, Gurgaon, India
Source: Crunchbase 
MX (formerly MoneyDesktop)
Online & mobile banking platform
Latest round: $8.3 million
Total raised: $20 million
Tags: Digital banking, PFM, Utah, Finovate alum
Source: Finovate 

Payroll & HR platform
Latest round: $8 million
Total raised: $21.8 million
Tags: Payroll, human resources management, tax reporting, New York City
Banking & rewards app for millennials
Latest round: $8 million
Total raised: $8 million
Tags: Cards, rewards, debit, prepaid, San Francisco, California
Source: FT Partners 
Small business credit reporting
Latest round: $6.5 million
Total raised: $6.5 million
Tags: SMB, credit, underwriting, South Jordan, Utah
Source: Crunchbase 

Card-linked rewards program
Latest round: $4.7 million
Total raised: $6 million
Tags: Rewards, debit cards, credit cards, offers, loyalty, San Francisco, California
Source: FT Partners
Document & image capture solutions
Latest round: $2.8 million
Total raised: $8.8 million
Tags: Docs, remote capture, mobile, mobile account opening, Irvine, California, Finovate alum
Source: Crunchbase
Tax & insurance tools for independent contractors
Latest round: $2.5 million
Total raised: $2.6 million
Tags: Invoicing, SMB, invoicing, tax
Source: Crunchbase
Cash-back & rewards platform for merchants
Latest round: $2.4 million
Total raised: $2.4 million
Tags: POS, point-of-sale, loyalty, rewards, ecommerce, London, UK
Source: FT Partners
ACH at the point-of-sale
Latest round: $2 million
Total raised: $2 million
Tags: Payments, merchants, mobile, SMB, acquiring, ACH, 
Source: Crunchbase
Cloud-based invoicing & payments
Latest round: $700,000
Total raised: $1+ million
Tags: Invoicing, SMB, accounting, receivables, San Francisco, California, Finovate alum
Source: Finovate 
Social media compliance and monitoring
Latest round: $500,000
Total raised: $2 million
Tags: Social media, compliance, marketing, Finovate alum
Source: Finovate
Alternative payment provider in Philippines
Latest round: Undisclosed
Total raised: Unkown
Tags: Payments, Philippines
Source: Crunchbase
French online marketplace for business loans
Latest round: Undisclosed
Total raised: Unknown
Tags: Lending, SMB, P2P, crowdfunding, investing, Paris, France
Source: FT Partners
Chinese P2P lending platform
Latest round: Undisclosed
Total raised: Undisclosed
Tags: Marketplace lending, person-to-person loans, crowdfunding, investing, credit, Whenzhou, China
Source: Crunchbase
Real estate transaction platform
Latest round: Undisclosed
Total raised: Unknown
Tags: Home buying, real estate, mortgage, Austin, Texas
Source: Crunchbase
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Fintech Fundings: 17 Companies Raise $350 Million Week Ending Oct 31

It’s beginning to sound like a broken record — another monster week for fintech investments. Finovate alums alone pulled more than $200 million: Cardlytics ($70 mil), Wealthfront ($64 mil), Personal Capital ($50 mil), Segmint ($9 mil), Linkable Networks ($8 mil), and Socure ($2.5 mil). In total, 17 companies raised more than $349 million this week. 
The deals in order of magnitude, Oct 24 through Oct 31, 2014:

Card-linked offers and rewards
Latest round: $70 million
Total funding: $170 million
Tags: Credit, debit cards, rewards, merchant-funded, advertising, Atlanta, Georgia 
Source: Finovate
Wealthfront (formerly KaChing)
Robo-investment advisor
Latest round: $64 million (at reported $700 million valuation)
Total funding: $130 million
Tags: Investing, asset management, ETF, Palo Alto, California
Source: Finovate
Asset management & investment tracking
Latest round: $50 million
Total funding: $109 million
Tags: Investing, personal advisor, ETF, San Francisco, California
Source: Finovate
Brazilian real estate marketplace
Latest round: $42 million
Total raised: $75 million
Tags: Home buying, mortgage, real estate, Sao Paulo, Brazil
Source: Crunchbase
Online payment processor
Latest round: $40 million
Total funding: $80 million
Tags: Payments, mobile, acquiring, merchants, Southborough, Massachusetts
Source: FT Partners
Transverse
Cloud-based billing & revenue management
Latest round: $25 million
Total raised: $25 million
Tags: SMB, accounting, invoicing, receivables, Austin, Texas
Source: FT Partners
Data analytics for alternative assets
Latest round: $20 million
Total funding: $20 million
Tags: Big data, investing, capital, Wells Fargo (investor), San Francisco, California
Source: FT Partners
Digital advertising, with a significant financial services practice
Latest round: $9 million
Total funding: $17.5 million
Tags: Marketing, online advertising, in-statement promotions, Akron, Ohio, Finovate alum
Source: Finovate
Linkable Networks (formerly Clovr Media)
Rewards & advertising platform
Latest round: $8 million
Total raised: $28.7 million
Tags: Card-linked offers, rewards, loyalty, Boston, Massachusetts, Finovate alum
Source: FT Partners
Peer-to-peer currency exchange
Latest round: $7.5 million
Total funding: $10 million
Tags: P2P, fx, funds transfer, remittances, London, UK
Source: Crunchbase
Digital expense reporting solutions
Latest round: $3.5 million
Total funding: $3.5 million
Tags: SMB, accounting, payables, New York City
Source: Crunchbase
Biometric authentication solution
Latest round: $2.5 million
Total funding: $4.7 million
Tags: Authentication, security, Finovate alum
Source: Finovate
Mobile payment solutions for emerging marketings
Latest round: $2 million
Total funding: $2 million
Tags: Payments, mobile, point of sale, Chennai, India
Source: Crunchbase
Lenda (formerly GoRefi)
Online mortgage refi specialist
Latest round: $1.5 million
Total funding: $2.0 million
Tags: Home lending, home loans, refinance, San Francisco, California
Source: FT Partners
Financial and investment information provider
Latest round: $1.2 million
Total funding: $2.7 million
Tags: Financial data, publishing, Dublin, Ireland
Source: FT Partners
Virtual payment gateway
Latest round: $900,000
Total funding: $900,000
Tags: Bitcoin, point-of-sale, POS, cryptocurrency, Vancouver, Canada
Source: Crunchbase
Mobile point-of-sale terminal
Latest round: Undisclosed
Total funding: Unknown
Tags: Mobile, POS, mPOS, Square, card acquiring, merchant, SMB, Palo Alto, California
Source: Crunchbase