Last Week in Fintech
Last week, we saw substantial investment pouring into fintech startups. This is an exciting time for fintech, and we’ve handpicked the three BIG industry stories from last week:
1. Fintech Company Vyze Raises $13M in Series B Funding
Last week, Austin-based startup Vyze raked in $13M in a Series B funding round led by Austin Ventures and StarVest Partners. This startup offers a cloud-based financial services platform to retail and e-commerce businesses.
This new funding has brought Vyze’s total funding till date to $35 million. The startup plans to use this new funding to expand its sales and marketing efforts.
“What’s exciting about Vyze is the huge potential for growth,” says Chris Pacitti, general partner with Austin Ventures. “There’s a huge need for financing solutions among retailers as well as manufacturers, and those needs will continue to grow as consumers increasingly turn to online and mobile platforms when researching and buying products.”
Vyze’s technology solution allows enterprises to deliver a satisfying experience whenever and wherever their customers make purchases.
2. Connecticut-based Payveris Receives $7.5 Million in Funding
Provider of digital payment products for banks and credit unions, Payveris recently announced that it raised $7.5 million in funding in an investment round led by San Francisco-based Mosaik Partners. This round also saw active participation by Connecticut Innovations, Advantage Capital and Black Dragon Capital. In addition, a group of individual financial technology investors represented by Nick Cayer also poured money into this Rocky Hill-based fintech firm.
Payveris offers cloud-based, open API payment solutions that enable banks and credit unions to leverage a range of digital payment services. These include electronic bill payment, person-to-person transfers and business payments. In fact, Payveris currently has 180 bank and credit union customers, and looks all set for more.
In the words of Jeff Weikert, president of Payveris, “Financial institutions are recognizing that when it comes to payments, with the right technology, they can take more control of their destiny and effectively compete with non-banks.”
In fact, we recently chatted with Jeff Weikert to discuss how Payveris is altering the landscape of mobile banking. You can hear that interview here: http://www.ventureclash.com/blog/ventureclash-podcast-episode002/
3. Funding Pours in for Fintech and Digital Compliance Firm Docupace Technologies
It seems that the fintech space just can’t stop attracting funds! Last week, CA-based Docupace Technologies scored $16.5 million in a funding round led by Palisades Growth Capital and TVC Capital. Paul D’Addario from Palisades Growth Capital and Jeb Spencer from TVC Capital will also be joining the firm’s board of directors.
Docupace Technologies offers federal and state law compliant electronic processing platforms for financial institutions. This buzzing startup is also known for its document management and workflow solutions that allow financial services to enjoy paperless processing.
“We are well positioned to accelerate our leadership in the financial technology sector and we look forward to years of growth ahead,” said Michael Pinsker, founder and CEO of Docupace. “Our goals have not changed. We aim to make the industry compliant, cybersecure and cost efficient.”
Last Week in Digital Health
An equally vibrant industry, digital health also saw some interesting developments last week. Here are the top three health tech updates that we have curated for entrepreneurs like you:
1. Health Coach App Noom Joins Solera Health
Health IT company Solera Health just announced the addition of Artificial Intelligence health coach Noom to its digitally driven, integrated health care network. Noom’s virtual health coach app seeks to help users make healthier lifestyle choices.
This partnership will result in the launch of a multi-faceted lifestyle program that will give people access to the tools they need to successfully battle Type 2 diabetes. A combination of community-based, in-person interventions and virtual programs will be offered via mobile devices to achieve this goal.
2. RubiconMD Raises $4 Million in a Series A Funding Round
NYC-based provider of remote medical consultations, RubiconMD has raised $4 million in a Series A funding round led by Waterline Ventures. Other participating investors included Dioko Health Ventures, Alma Mundi Fund and Bob Lufrano, former CEO of Blue Cross and Blue Shield of Florida.
RubiconMD provides telemedicine services that connect primary care doctors to specialists. Primary care doctors can ask questions, as well as upload pictures and radiological images via an app. Their queries are then channeled to appropriate specialists, who typically answer queries within a few hours. This helps to speed up processes and treatments.
“We’ve currently integrated RubiconMD with a variety of [EHRs] and practice management systems so that providers can send RubiconMD consults directly from the patient chart to make the process even simpler. Similarly, specialists can review cases on their phone and respond to primary care providers from any location, making the process highly efficient,” says co-founder Carlos Reines.
3. Samsung Spins Off Smart Belt Startup
Smart Wearables are one of the hottest frontiers in digital health! This was reiterated with Samsung’s announcement of its decision to spin off smart belt WELT, into an independent startup. WELT, a smart belt that manages obesity and overeating, will be one of five Samsung C-Lab projects to become independent startups. In fact, 18 employees of the five C-Lab companies resigned from Samsung to officially set up the five companies.
The device tracks waist circumference, eating habits, number of steps taken and duration of sitting. In fact, the mobile companion app also includes a realtime graph that tracks the tension of the wearer’s belt.
“We use a belt tension sensor. What it basically does is measure the pressure that is applied to the belt by your belly. If [the wearer pushes out] his belly a little bit you can see the graph is climbing. If he releases it, the graph is dropping. We use that characteristic in our algorithm to run the overeating [function],” said Samsung’s Hye Kang Roh.
Check out this video for a glimpse of how WELT works:
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