Dorado Trend Watch Q2 2011

TrendWatch 2.0TrendWatch 2.0 Q2 2011Q2 2011

Payments System Industry Payments System Industry SynopsisSynopsis

Notice: Materials contained in this document are drawn from several media sources and Dorado Industries is not responsible for their accuracy. Opinions expressed herein are presented without warranty. Brand names are the trademarks of their respective service offerors.

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Editorial Comment

Sis, boom, bah! Or not. Ever wonder why they don’t sell tickets to junior varsity football games? It’s because no one’s willing to pay to watch ‘em. Were we the only ones watching the live telecast the Fed’s final ruling on Durbin on June 29 who thought about heading back to ticket booth for a refund?

Q: “So, what are the consumer impacts from these rules?”

A: “Ah, we don’t know.”

Q: “How sure are you that the smaller issuer exemption will be maintained?”

A: “Sort of.”

Q: “Is the 1¢ fraud prevention tax temporary or permanent?”

A: “Yes.”

Frankly, we’ve become rather bored with the notion of waging a battle solely on price when there are so many other ways to compete but that’s the way Congress wanted it so let’s play the hand.

Still, maybe it’s time for a new quarterback.

Okay, enough kvetching. Man, wasn’t this one hell of a quarter?

Take my wallet, please. So, what do Google, Visa, American Express, PayPal, Apple and ISIS (the company, not the goddess) all have in common? They want us to use their brand- spanking new mobile wallet! Looks like another Oklahoma land rush much like the ones we’ve seen involving P2P, EBPP, and PCI compliance tools. The stakes are a bit higher here, however, with traditional payments players, data aggregators and miners, and the telecommunications networks vying for

supremacy when it comes to knowing how we behave when traveling or shopping, how we pay for things, and where we’ve been before strolling into our favorite merchant’s store. Each of these firms are serious players in their own right and ought to be taken seriously. And, unlike the dot.com boom/bust or similar payments industry mosh pits, it’s not likely that competitor consolidation will be the ultimate end-game. Sure, a goodly number of the garage band wallet players will devolve, but it looks to us that these six titans have the horse power to stay in the game and make the mobile wallet “thing” great spectator sport for a long time.

Oh, wait, someone’s missing. This wouldn’t be an authentic issue of TrendWatch 2.0 without at least one reference to our extremely mobile friend, Facebook. In addition to the “sizzling six” mobile wallet behemoths we ought to include FB since it’s now possible to use that social network’s Credits payment form to purchase real world goods. “Facebook Deals” imbedded in FB user news feeds now encourage us to take advantage of real time, once in a lifetime, offers for goods and services. In fact, what you’re getting is a certificate good for the merchandise but why split hairs? Durbin might be interested in FB Deals interchange pricing. Merchants or digital goods developers pay a mere 30 percent. Seems fair to us.

ACH deal undone. BofA and Wells announce the demise of Pariter, their ACH JV formed in 2008. This, just two weeks after announcing the formation of clearXchange with partner JPMorgan Chase for the purpose of slinging electronic online payments to each others customers from their DDAs. The former Pariter partners both cited their subsequent acquisitions (Merrill Lynch and Wachovia) as being responsible for upsetting the apple cart. Hope the clearXchange CEO got a long term deal. This won’t last either.

Until next time.

Random Thoughts




Table of Contents

2011 Predictions 4TrendWatch Scorecard/Summary 52011 Payments Industry Yields 6Interesting Quarterly News That Got No Respect 7New Names to Watch 10Q2 M&A/Investor Activity 11Useful Links for More Information 17Thrill Seekers Unite 18




2011 Predictions

• Despite good efforts to the contrary and Visa’s plan to support dual interchange schedules, exempt debit card issuers will suffer major product profitability declines as a consequence of Durbin.

Mar. Won’t know until the end the year. Sit tight.Jun. Fed’s final rules changed things somewhat by raising the floor and putting the industry on notice that big brother will be watching.

• A major retailer will take first-mover action to propel mobile payments out of its holding pattern in cottage industry land – doesn’t include early players McDonald’s, Starbucks, Coca Cola, or Jack in the Box.

Mar. Major retailers at the Alternative Payments Systems Innovation conference stated that they wanted lower costs, shorter lines, strong security, dial tone reliability, easy implementation, and low maintenance in mobile payments. A tall order; might not happen this year.Jun. Now that the Fed has reneged on its first Durbin offer, it’s likely that retailers will move on with mobile.

• Isis, the mobile payments consortium, will launch to a lukewarm response.Mar. Didn’t see any skyrockets when Isis announced its 2012 (really?) transportation pilot in Salt Lake City.Jun. Yet another change of direction announced – entering Austin market for pilots. We see the term “flip-flop” being used a lot.

• Major retailer profits will grow in the second half of 2011 but we will not be able to cite Durbin as the reason. (And, if the issue is raised, the MPC will brush it off.)

Mar. Waiting to see what happens in Q3 and Q4.Jun. Fed Chairman poured cold water on this prediction.

• Having lost the pricing advantage between their products and POS debit, two providers of alternative payments schemes will fold or sell out cheap.

Mar. Again tied to the Fed’s final rules – which won’t be ready by April 21 as required. Nice.Jun. Three on a match! FaceCash and Bling Nation shut down to “re-think” their business models. Tempo is both in a ditch and liquidating.

• Starbucks will selectively open use of its proprietary prepaid card to retail partners. Target, with its 1,000 in-store coffee facilities, might be first.

Mar. Nothing yet but it’s going to happen!Jun. Still waiting; come on guys, it’s the next logical step.




TrendWatch Scorecard/Summary – Q2 2011

Market & Industry Situation1 – Mobile wallets, mobile wallets, mobile wallets.2 – Cardtronics has become acquisitive again. 3 – Credit growth continues to dwindle while debit (most forms except

decoupled) continues apace.4 – Merchants win, banks lose, prepaid jolted. Or is it merchants jolted,

banks win, and prepaid loses? You decide.5 – Prepaid take-up is still good but Fed rules may create a speed bump.6 – Clever bankers are letting out their 2009 credit card reserves to keep

earnings in line with quarterly guidance.7 – Goodly amount of money coming into the VC/PE system and being

invested in payments. Ask Jack Dorsey.

Industry Players To WatchPayPal: By acquiring Zong, it further widens its funding options to include carrier-direct billing. Could PP be planning to chase Google now?American Express: Changes to its 150 year old “commoners need not apply” approach may be coming. A low/no fee prepaid card and reasonably open wallet (Serve) are decidedly mass market looking.Vantiv (fka 5th 3rd): Recently announced plans for an IPO could alternative its business or go-to-market strategy.NCR: The venerable ATM manufacturer’s purchase of Radiant Systems gives it entrée to the point of sale business for the hospitality segment to go along with its grocery store attended/unattended systems and kiosks. Prepaid Card Industry: Fed final rules have triggered a reformation within the industry. Lots of product attribute changes coming.MasterCard: Quiet during the Durbin commentaries and no counter-punch announcement about a mobile wallet. What’s up with that?CFPB: Likely to launch without a leader, “idle minds/devil’s workshop” sort of thing.

Activit

y Lev

el

Entre

nche

d

Payer

Impa

ct

5. Prepaid Card Growth4. Legal/Regulatory Issues

1. New Payment Forms2. ATM Restructuring3. POS Volume Trend

Indu

stry I

mpact

Med

Med

Low

High

Mixed

Med

High

Positive

Mixed

Negative

6. Earnings Announcements

7. Industry Investments




2011 Payments Industry YTD Yields

Sources: Company releases, Morningstar.com, Bloomberg.com2011 YTD yield excludes dividends; based on 6/30/11 and 12/31/10 closing prices

Quite a contrast, right? Visa and MasterCard get a huge bump from the Fed’s June 29th

announcement of its Durbin final rules while Green Dot and NetSpend continue to get no love. Meanwhile, the Dow and S&P continue to post respectable YTD yields – 9 and 6.49 percent, respectively – while others of our equity basket collection deal with episodic movements in the market’s love/hate relationship with electronic payments and telecommunications. Beats a roulette wheel wager we think. Sorta.

Industry Player 12/31/2010 6/30/2011 Price Cap Value YTD 2011 Yield

Alliance Data Systems 71.03$ 94.07$ 23.04$ 1,370.9$ 32.4%Cardtronics 17.70$ 23.45$ 5.75$ 234.0$ 32.5%Discover Financial Services 16.68$ 26.75$ 10.07$ 4,842.7$ 60.4%Euronet Worldwide 17.44$ 15.41$ (2.03)$ (102.3)$ -11.6%Fidelity National Information Services 27.39$ 32.69$ 5.30$ 1,011.2$ 19.4%First Data (Future Use)Fiserv Inc. 58.56$ 62.63$ 4.07$ 634.5$ 7.0%Global Cash Access Holdings 3.19$ 3.18$ (0.01)$ (0.8)$ -0.3%Green Dot 56.74$ 33.98$ (22.76)$ (927.5)$ -40.1%Heartland Payment Systems 15.42$ 20.58$ 5.16$ 193.0$ 33.5%Jack Henry & Associates 29.15$ 30.01$ 0.86$ 72.2$ 3.0%MasterCard Worldwide 224.11$ 301.34$ 77.23$ 9,993.6$ 34.5%NetSpend 12.82$ 10.00$ (2.82)$ (247.5)$ -22.0%Online Resources 4.65$ 3.26$ (1.39)$ (41.3)$ -29.9%TNS 20.80$ 16.60$ (4.20)$ (105.4)$ -20.2%Total System Services 15.38$ 18.58$ 3.20$ 631.7$ 20.8%Visa 70.38$ 84.26$ 13.88$ 11,741.1$ 19.7%




Interesting News This Quarter

Subject Source/Date Substance

Mobile Payments Industry Various • It’s getting tougher to keep track of the mobile payments line-up without a scorecard. FaceCash falls victim to California’s new money-transmission law and Bling Nation decides to sit things out for a while as it re-tools its business model. Meanwhile, two new players step up to fill the void. Start up Naratte launches Zoosh, a mobile payments service that uses ultrasonic technology to transfer payments data between user smartphones and merchant terminals while NuWallet comes to market with a “simple-as-pie” approach to mobile payments for online purchases.

American Express PaybeforenewsJune

• Is it possible that American Express is planning on changing its business model? Last March the company announced its Serve payments platform/wallet and talked about plans to attract members and non members interested in playing in the mobile payments space. Funding for Serve need not come through an AMEX card. This quarter AMEX launched its “American Express Prepaid Card” – catchy name, no? – and has dropped activation and maintenance fees while adding in Purchase Protection, Roadside Assistance, its Selects purchasing plan, and access to its Global assist hotline. Pretty gutsy stuff from a company that once touted its exclusivity and snob appeal.

Corduro TechCrunchMay

• From the folks that brought us the Google Wallet, Google is the power behind Corduro, a new merchant services processor with a fee schedule that under cuts Jack Dorsey’s Square offering by up to 30 percent. Moreover, Corduro works the same way Square does in terms of “merchants” being able use its app to not only accept but make payments via Android and iPhone apps. Nice to see a bit of competition working to help out small businesses with their acceptance costs.

Target American BankerMay

• Not planning to leave any stone unturned, Target began to quietly market a prepaid card in 100 of its stores last February. This one is co-branded with American Express of all people (note the earlier reference to a new business model for AMEX) and extends Target’s existing payment options which include the retailer’s private label credit and debit cards. Given the new pricing model at AMEX, this product takes a pretty serious swing at Wal-Mart’s Money Card.

Silicon Valley Bank Press ReleaseJune

• Tech-focused business FI, Silicon Valley Bank (where Pete Hart hangs his hat), has launched the first chip-enabled credit card available to businesses in the United States. Branded with MasterCard’s World Elite for Business moniker, SVB believes that the added security and compliance with global EMV specifications will provide added value to its globe-trotting business leaders and their management teams. The new product will include chips and magnetic stripes to make sure all the bases are covered.




Interesting News This Quarter – ContinuedSubject Source/Date Substance

Card.io American BankerJune

• Pretty soon using a smartphone camera and a software application to turn the instrument into a remote capture system for checks will seem pretty tame. Or that’s the hope of Card.io, a San Francisco start- up that is offering software to eliminate the need for card-swiping hardware. The company is offering its software to mobile operators to integrate with their payment applications and will charge 15 cents per scan. Perhaps this card image-to-settlement option will serve as a bridge solution until NFC and 2D/3D enabled phones reach critical mass?

clearXchange PaymentsSourceMay

• BofA, Wells Fargo, and JPMorgan Chase evidently want to challenge PayPal’s dominant lead in P2P functionality. This triumvirate has announced plans for a joint venture which will initially be limited to customers of its owners but will ultimately be offered to other banks. In a classic “whistling past the graveyard” announcement one competitor – CashEdge – suggested that the JV would be good for it. CashEdge subsequently sold out to Fiserv. Not much in the way of details yet but the ACH will be used to move the money between people via email addresses or mobile telephone numbers.

Wescom Central CU Credit Union JournalMay

• Not to be outdone by the big banks in clearXchange, Wescom Resources, a unit of Wescom Central CU has cut a deal with PayPal to offer P2P services to credit unions. PayPal’s Send Money application has been integrated into Wescom’s MemberEdge Mobile Banking solution which is made available to credit unions nationwide. International in scope because of the PayPal connection, all of Wescom’s participating credit unions are free to use the service. Again, details are sketchy at this point.

Google ForresterMay

• Google takes the covers off one of the worst kept secrets in recent payments history and announces the Google Wallet with partners Sprint, Citibank, MasterCard and First Data. This, mere months after pirating two PayPal payments professionals away from the P2P payments leader. Unlike several other wallet offerings, Google does not intend to monetize the payments component of its wallet and more likely will concentrate on the value proposition associated with aggregating each wallet’s behavioral data. CVS, Sports Authority and Macy’s are three notable merchants accepting the wallet initially. So which competitor should be the most worried about Google’s offering – Visa, AMEX, or ISIS? Yes.

Google TechCrunchMay

• Google immediately (like the next day) moves to fill a significant hole in its Google Wallet offering by making stickers available for users of smartphones that do not yet support NFC (i.e., the vast majority of them). Stickers could be linked to a single debit/credit card and would provide less robust offerings than through full NFC. Google is desperately trying to get ahead of competing wallets – Visa, Serve, ISIS, et al in the rush to reach critical mass.




Interesting News This Quarter – Continued

Subject Source/Date Substance

Square American BankerMay

• Well-funded Square takes its device/app centric approach to merchant services one step farther by launching Card Case, an imbedded application in the Square app. Card Case stores users’ payment details for future access from a mobile device after consumers have swiped their card once. Of course, consumers have to opt in but are prompted to do so via text message. A photo is uploaded to the on-phone application or wallet during the enrollment process. The photo is displayed on merchant terminals through Square’s Register app for verification purposes. Sort of like FaceCash, except that Square is still in business.

Visa/ANZ ZDNETJune

• Visa and ANZ Bank jointly announce that their NFC pilot launched in March 2011 was a dude. Well, sort of. The real stinkaroo here was the MicroSD technology used to deliver NFC functionality to users’ smartphones. In classic understated prose, the pair said that the “MicroSD card system used in the trials did not meet all our expectations” and that they “will continue to look for ways to support contactless payments in the market.” DeviceFidelity, a company closely linked to Visa, is the technology developer.

Verizon FinextraJune

• Verizon appears to have adopted the “cover all bases” approach to mobile wallets. The telecom giant is an ISIS member, has put together a relationship with start-up BilltoMobile for carrier-direct billing and recently joined American Express in a consortium that has invested $19 million in Payfone. The last act brings to Verizon the ability to offer a service for its subscribers that enables online payments and a broad array of payment options.

PayDivvy American BankerMay

• Here’s an interesting solution for social or service minded groups seeking a way to simplify the handling of shared expenses. PayDivvy has been operating in invited-beta mode since 2009 and recently went to open status. Group participants are prompted when their shares of common expenses are due and the system handles delivery of remittances to landlords, utilities, cable companies and cleaning services. 5,000 billers have been pre-loaded into the application and the system adapts to manually-entered billing sites. This single-site approach may put some the group members in conflict with past practices (e.g., bill payment via bank websites) but may gain transaction in one-off social groups like HOAs, college fraternities, and buying clubs.




New Names to Watch

FinovateSpring 2011 was held in San Francisco in early May. Sixty-four companies presented seven minute demos (no PowerPoint slideshows) of their emerging financial services products. Here, courtesy of our friends at Payments Views (Glenbrook Partners consultancy) are snippets on those companies we consider to be up-and-comers.

Firm/Product Highlights

FreeMonee

• Gifting network of merchants and FIs.• FI elects to provide customer cardholders with merchant incentives.• Customer purchases highlighted merchandise offers with their registered card and receives partial or full

rebate from the FI.

GoalMine• Mobile app that encourages users to save money or reduce debt.• User sets “pledges” for meeting their goals; e.g., spend less at Target.• Geo location capability alerts the user when s/he may be nearing a destination included in a pledge.

Q2ebanking• Focused on community banks and credit unions.• Super secure online, mobile and phone banking.• FIS, Andera, Yodlee, Centrix, and iPay in the background.

Liqpay• P2P payments app using Facebook friends for making payments.• Three year old company making a change of direction.

OpenCuro• Emphasis is payments security.• One time code generated to represent the user and payment.• Can be integrated with existing online banking portals.

BankOns• Merchant funded offers connected to bank cards using geo location services• Designed to add oomph to FI cards sitting in digital/mobile wallets.• Geo located offers are linked to user payment/purchase history.




M&A/Alliance Activity

Buyer/Investor Target Payments Emphasis Possible StrategyMotorola Solutions Venture Capital, Hudson Ventures, others

Scanbuy Mobile barcode solutions Scanbuy, creator of the ScanLife mobile barcode scanning app, raises $5 million from new and returning capital sources. Recent partnerships with Home Depot, Miller/Coors and Bloomingdales ought to leverage the 35 million copies of ScanLife sitting on mobile phones in the U.S.

Visa Square Payment acceptance Visa plops down an unclosed amount of investment money in Square, seriously increasing its previously-raised $40 million in capital. Another roulette table investment for Visa, a serious endorsement for Square. Square subsequently raised another $100 million, placing the company’s value at $2 billion and making Visa’s investment seem pretty shrewd.

PayPal Fig Card Mobile payments Fig Card payments are enabled through a smartphone app and a USB device attached to merchant cash registers or POS terminals. Feels like yet another move by PayPal in the mobile payments space. Just a week earlier PayPal announced the acquisition of WHERE, a location media company and local discovery mobile app into which it will integrate its host of payment options.




M&A/Alliance Activity - Continued

Buyer/Investor Target Payments Emphasis Possible StrategyTotal Systems TermNet Merchant

ServicesMerchant services processor TSYS acquires a merchant services processor to expand

its market share reaped in its First National Bank of Omaha transaction last year. TermNet is ranked as 52nd

in size with 327,000 merchant relationships. Terms were not disclosed.

WorldPay Envoy (UK) eCommerce payments WorldPay, jointly owned by Bain and Advent International, expands in cyberspace payments enablement by buying Envoy, an international eCommerce solutions provider that offers 40 alternative payments options for online purchasing.

New Enterprise Associates

Tabbedout Mobile payments NEA provides $5.75 million in Series A funding for Tabbedout, a start-up mobile payments company that specializes in restaurants and bars. Patrons can open a bar or meal tab via an iPhone or Android app, review their purchases online and pay the tab at anytime. Total funding so far for Tabbedout is $6.5 million, a goodly sum for a niche market player. Hope there’s another round. Cheers!

Morgenthaler Ventures, Pitango Ventures, others

Pageonce Mobile wallet/account aggregation Pageonce raises its capitalization to $25 million through a $15 million tranche. Its Money & Bills application organizes multiple bank and credit card accounts, tracks transactions, manages bills as they become due and sends mobile alerts. Pageonce claims 4.5 million users, $556 billion in tracked payment transactions and $55 billion in assets held by its users. Virtually all types of smartphones are supported and there’s a web application.





Buyer/Investor Target Payments Emphasis Possible StrategyDCM & SK Telecom Ventures

Billing Revolution Mobile billing and payments Billing Revolution uses a single click approach to eCommerce and physical world purchases using iPhone or Android apps. Payment type information is entered at the time of purchase and an SMS receipt is sent to the phone. Subsequent to this $6.6 million round, Citibank Ventures made an undisclosed amount of “strategic” investment in the company.

eBay Zong Mobile payments eBay/PayPal pays $240 million for Zong, a carrier- direct billing payments system based in Menlo Park, CA. Zong uses a network of 250 mobile network operators to reach 9 million merchants worldwide. Integrating Zong with PayPal provides yet another payment option for the company’s digital/mobile wallet approach to payments. Yet, Zong’s pricing model – it collects a 25-45 percent fee from digital goods retailers – will likely change as mobile network operators get a sense of the disintermediation risk PayPal represents. What we may have here is a countermove to Visa’s acquisition of PlaySpan.

Fiserv CashEdge P2P payments Fiserv pays a staggering $465 million for CashEdge, the developer of POPmoney, a serious competitor to Fiserv’s ZashPay P2P payment system. The acquisition brings with it 500 CashEdge clients including Citibank.




M&A/Alliance Activity - ContinuedBuyer/Investor Target Payments Emphasis Possible Strategy

Wellington Partner, others eWise Online payments eWise, the payments engine behind Nacha’s Secure Vault Payments scheme, raises $14 million from new player Wellington and returning investors. A portion of the monies raised are earmarked for mobile payments.

Visa Fundamo Mobile financial services South Africa based Fundamo is Visa’s latest target of opportunity. The card brand paid $110 million to gain an international leg up on financial services enablement for the unbanked and underserved segments. The acquisition brings 50 installed sites in 40 countries with the bulk of them being based in Africa and the Middle East.

AccountNow Ready Financial Group

Prepaid card program manager Two GPR companies with a shared objective of serving the unbanked market are merging. Industry pundits point to the need for competitors to Green Dot and NetSpend to catch up quickly or be lost in the dust of these two segment leaders.

Old Willow Partners, others

AisleBuyer Mobile payments AisleBuyer raises another $7.5 million, raising its capitalization to $11.5 million. The AisleBuyer app is pretty clever; it allows consumers to a) scan barcodes to obtain product reviews, b) order directly from a store’s website if the desired product is not in stock, and c) make a purchase in the aisle rather than at a checkout counter. Payment card data entry is completed through use of the phone’s camera instead of the keyboard.

Intuit CitibankSK Telecom

Mobile banking Intuit pays an unspecified price for the Citi/SK joint venture for mobile banking. Initially funded at $16 million in 2008, not much has happened since.




M&A/Alliance Activity - ContinuedBuyer/Investor Target Payments Emphasis Possible Strategy

Capital One ING Direct Online bank $9 billion for an $82 billion (deposits) bank? Seems a tad on the high side but relatively cheap when you consider Capital One gains 7.6 million new customers. The move takes Cap One to being ranked fifth in the U.S. behind the really big banks and should cause numerous online players to shudder when considering the collective marketing muscle this acquisition creates. Wall Street seems to like the deal; COF is up 9.6 percent since the June 16 announcement.

Cardtronics EDC ATM Subsidiary, LLC/Efmark Deployment I

ATM deployment and service

Cardtronics pays $145 million (plus or minus adjustments) for access to 3,700 ATMs and numerous ATM placement agreements with high-traffic retailers. Also included in the deal are ATM branding contracts with some of the largest US FIs. Upon closing, CATM will have a combined owned and branded ATM fleet of over 41,000 units. The markets likes this transaction too – CATM is up 10 percent since the late June announcement.

EDBI (Singapore), Sing Tel Innov8, Motorola Solutions Venture Capital

ViVOtech POS/Mobile terminal technology

Ten-year old ViVOtech raises another $24 million in equity funds to finance growth and broaden its global footprint. One returning investor is Citibank who is betting on ViVOtech being one of the mobile payments winners.

Acadia Woods, others MOBIbucks Mobile marketing and payments

MOBIbucks lands $5.0 million in Series A funding from a consortium of players to provide growth capital for its pay- by-phone-number system. Concurrently, the company announced deals with several U.S. restaurant chains.





Buyer/Investor Target Payments Emphasis Possible StrategyAccel Braintree Online merchant services Braintree is the payments engine behind LivingSocial,

OpenTable, Shopify, and several lesser known online product and service providers. Accel makes a Series A investment in Braintree to finance expansion of the company’s engineering, sales, and marketing efforts. The company’s 2,000 merchants have enabled it to become profitable in just under four years since its founding.

DCM Revel Systems POS systems Revel provides iPad point of sale systems for the restaurant and retail industries DCM injected $3.7 million to finance market share expansion.

Western Union Travelex Global Business Payments

International B2B payments

WU further expands its trans-border B2B segment (it acquired Custom House in 2009) as it pays £606 million for the division with 2011 forecast revenues of £150 million – must have wanted it in the worst way. TGBP provides its services to over 35,000 business clients including 500 banks.

Footnote on venture fundraising: Dow Jones reports capital raised by venture funds during the first half of 2011 rose 20 percent over 2010’s first six months. U.S. private equity funds for the same period grew 35 percent. But the numbers can be confusing – early stage funds actually shrank during the first half while late stage money had its strongest first half since 2007. European funds, on the other hand, had their worst showing since 2004, declining by 45 percent in the first half of 2011.




Useful Links for More Information

We threw a lot of new names out again this quarter. Here’s a list of links for you to learn more.

Company Role LinkCorduro Low cost merchant services www.corduro.com

Silicon Valley Bank Tech and vineyard focused bank www.svb.com

Card.io Photo based card acceptance www.card.io

PayDivvy Social shared payments www.paydivvy.com

FreeMonee FI/merchant gifting network www.freemonee.com

Liqpay Facebook related payments www.liqpay.com

BankOns Coupons tied to card use www.bankons.com

GoalMine Save money/reduce debt system www.goalmine.com

OpenCuro User and payment security www.opencuro.com

Zoosh Sonic based mobile payments www.naratte.com

NuWallet Mobile wallets made easy www.nuwallet.com

http://www.corduro.com/

http://www.svb.com/

http://www.card.io/

http://www.paydivvy.com/

http://www.freemonee.com/

http://www.liqpay.com/

http://www.bankons.com/

http://www.goalmine.com/

http://www.opencuro.com/

http://www.naratte.com/

http://www.nuwallet.com/




Thrill Seekers Unite!

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Dorado Trend Watch Q2 2011

Economy & Finance