Top Image Systemssigns agreement to acquire cloud-based banking solutions provider, EGistics.
Prestaderoraises more than $670K in series B funding round.
ACI Worldwide to bring electronic billpay to Southern Auto Finance Company (SAFCo).
P2Binvestor crowdlends $2 million line of credit to fellow Finovate alum.
Mike Branton of StrategyCorpsdiscusses the “three big threes of checking” in CB Insight.
Lending Clubfacilitates $1 billion of loans in Q2 2014, which brings it to a total of $5 billion since its inception.
ReadyForZeroannounces two new resource centers: Get Out of Debt and Auto Loan Resources.
First American Credit Union hiresInsuritas to launch insurance agency to build non-cyclical fee income.
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.
And now today we can add Prestadero to the list of Finovate alums that find themselves in a money-raising mood. The peer-to-peer lender finished its second round of funding by raising $677,000 (8.8 million Mexican pesos).
The investment more than doubles the company’s previous total of $400,000 – raised almost a year ago to the week – taking Prestadero’s total capital to more than $1.7 million (more than 13.8 million Mexican pesos).
Specific investors in this round were not disclosed, but the company referred to the contributors in a statement as “international leaders in the financial services sector in Mexico and abroad.”
Prestadero will use the additional capital to add new functionality to its platform, and to accelerate growth.
Stats:
Founded in 2011
Headquartered in Mexico City, Mexico
Provides unsecured personal loans ranging from 10,000 to 250,000 Mexican pesos
Offers approved borrowers rates ranging from 8.9% to 28.9% annually
Offered lenders net annualized returns of 15%
Gerardo Obregón is CEO.
Prestadero demoed its technology at FinovateSpring 2013 in San Francisco. See a video of the company on stage here.
There’s still plenty of time for you to get your tickets to our upcoming event in San Jose, California on April 29 and 30. Our final Sneak Peek preview post is up, all the companies who were prepping under the radar are now out of stealth, and we can’t wait for you to see what this year’s spring crop of fintech entrepreneurs and innovators has in store.
Before we do, however, let’s take a moment to take a look back at last year’s FinovateSpring alums. As we scrolled through blog archives, several themes jumped out: the appetite for startups remains as passionate as ever, with three of our Spring 2013 alums being acquired by such financial sector potentates as Intuit and PayPal. And venture capitalists continue to see innovation in this space as a more than worthwhile investment, with 20 separate fundings for Spring 2013 alums
We’ve grouped the achievements into four categories: Exits, Fundings, Awards, and Acquisitions. Enjoy!
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 (mostlyXero’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.
Quarter 1 — blog post More than $155 million raised by 14 companies
Note: Funding that companies received before they first appearedat Finovate was not counted. Questions? Comments? Email us at julie@finovate.com or david@finovate.com.
P2P lending platform Prestadero released growth figures this week that attest to the growing popularity of non-bank lending intermediaries.
Here are some of the growth numbers it released:
Surpassed 11,000 registered users
Received credit applications for more than 225 million pesos in 18 months
On track to double its credit origination every 3 months
The Mexico-based company offers unsecured personal loans from $10,000 to $250,000 pesos at rates from 8.9% to 28.9% per year. These rates are much more attractive than classic credit card APRs which, in Mexico, average 56.32%.
The third quarter of 2013 revealed that even during the sleepy days of summer, the business of putting capital into the coffers of fintech innovators remained as busy as ever.
Finovate alumni were the beneficiaries of more than $171 million duringJuly, August, and September. This brings the total year-to-date funding for Finovate alumni to at least $526 million (some of the funding amounts were undisclosed).
Here is the Q3 summary for 2013:
July — More than $63 million raised by eight companies
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.
Peer-to-peer lending platform Prestadero today announced it raised its first round of funding, totaling 5 million Mexican Pesos ($400,000 USD).
The round was led by Venture Partners Mexico.
Up until this round, CEO Gerardo Obregon has self-funded the startup since launching it in 2011. Prestadero plans to use the funding to attract new borrowers and lenders and to accelerate growth.
Having only been in operation for a year, the Mexico City-based company has loan requests of over 120 million Mexican Pesos and offers net annualized returns of 16% for lenders, and rates from 8.9% to 28.9% per annum for creditworthy borrowers.
We’ll continue to add coverage throughout the next few weeks. If you have FinovateSpring press coverage you would like to add, please email the link to julie@finovate.com.
This is a part of our live coverage of FinovateSpring 2013.
Closing out FinovateSpring for us this afternoon,
Prestadero demoed its peer-to-peer lending platform:
“Prestadero uses its proprietary management software to originate loans in an extremely efficient way. Our platform allows us to parse out declined loans in seconds and determine rates for approved loans in less than 1 minute.
Our web interface allows lenders to view their entire portfolio in detail. Lenders can also view specific graphs and scorecards that allow them to make better investment decisions, even if they are not investment professionals. We provide lenders with tools, such as our “diversification index,” which quickly and comprehensively lets them know their risk exposure depending on the diversification of their loans. Our software also enables lenders to select multiple loans at once by filtering through the user’s selected criteria. They can also choose to reinvest their returns based on the same or a different set of criteria.
Through their online account, borrowers have full control over their loan’s entire process, from filling out the application to paying it off completely. We also charge the borrower’s bank accounts directly when their payments are due, diminishing delinquencies and providing a better service for our customers. The entire process is streamlined and coded with peer-to-peer finance in mind, reducing human interaction on the back-end of the technology and providing more accurate, up-to-date information on our front-end.”
Top Image Systems signs agreement to acquire cloud-based banking solutions provider, EGistics.
anthonyuchung 