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Netradyne Raises $90 Million in Series D Funding Led by Point72 Private Investments
Netradyne, an industry-leading SaaS provider of artificial intelligence (AI) and edge computing, announced the close of a $90 million Series D round led by Point72 Private Investments with participation from Qualcomm Ventures and Pavilion Capital. The capital infusion will accelerate the company’s growth trajectory through strategic investment in R&D, enhanced go-to-market investments, and aggressive global expansion, solidifying Netradyne as a global industry leader in commercial fleet technology.
The traditional approach to driver performance and fleet safety is obsolete. Netradyne is pioneering a new era of driver-focused technology backed by over 18 billion vision-analyzed driving miles. Netradyne’s Driver•i is the only solution that can positively recognize good driving behavior. By reinforcing good driving behavior with revolutionary technology, fleets experience reduced accidents, improved driver retention, lower insurance costs, improved tracking and productivity, and better fleet performance.
“The successful completion of our Series D funding round is a significant milestone for Netradyne and a testament to the confidence our investors have in our vision and innovative approach to AI-powered fleet safety solutions,” said Avneesh Agrawal, CEO and Co-Founder at Netradyne. “This funding provides us with the resources to accelerate growth, expand our technology capabilities, and deliver even greater value to our customers worldwide. With this support, we are poised to scale our innovations globally, deepen our impact, and continue advancing safety and efficiency across the transportation industry, redefining what’s possible for fleets and communities alike.”
“Investing in Netradyne is about believing in safer roads and supporting professional drivers,” said Sri Chandrasekar, Managing Partner at Point72 Private Investments. “Since our initial investment in 2018, we’ve witnessed Netradyne’s impressive growth and believe their technology is well-positioned not only to empower fleet managers but also to foster a culture of safe driving. We are excited to continue our partnership with Avneesh and the Netradyne team as they advance their mission to transform the global transportation industry.”
Netradyne’s solutions offer a comprehensive and accurate driver performance assessment by analyzing 100% of drive-time data. Powered by advanced AI, Driver•i delivers unparalleled accuracy in identifying both positive and negative driving behaviors, fostering trust and enabling effective in-cab coaching. In addition to promoting safer driving, these capabilities help fleets shield drivers from false claims, minimize collisions and insurance costs, optimize productivity, and simplify compliance management.
This funding comes on the heels of exciting growth. Since its founding in 2015, Netradyne now reaches over 3,000 customers and over 450,000 active subscribers, serving customers across the United States, Canada, Mexico, Germany, the U.K., Australia, New Zealand, and India, with planned expansion throughout Europe and Japan. Netradyne’s customers include some of the biggest names in global online retail, food and beverage, oil and gas, transportation, utilities, field services, passenger transit, and construction.
Archive Intel raises $1.5m to expand AI-driven compliance solutions
Archive Intel, a leader in AI-powered compliance archiving solutions, has secured an additional $1.5m in funding to accelerate its growth.
The funding round was led by Garuda Ventures, a San Francisco-based investment firm focused on early-stage companies, with participation from existing investor Social Leverage.
Archive Intel offers a cutting-edge compliance platform designed to help financial advisors and institutions meet regulatory requirements effortlessly. The platform uses AI to simplify workflows, reduce false positives, and support a wide array of communication channels, including email, chat platforms, social media, and messaging apps.
The company plans to use the funding to expand integrations, scale its infrastructure, and drive further innovation across its platform.
Archive Intel has experienced rapid growth, surpassing 220 clients and 2,000 users within just six months of launching in 2024.
Rishi Taparia, co-founder and general partner at Garuda Ventures, said, “Archive Intel’s innovative platform and leadership team are well-positioned to shape the future of communication compliance. We are excited to partner with Archive Intel as they redefine how financial institutions meet regulatory requirements.”
Howard Lindzon, founder and managing partner of Social Leverage, added, “Archive Intel has proven its ability to address critical industry pain points with scalable, cutting-edge solutions. We’re proud to continue supporting their growth.”
Archive Intel CEO Larry Shumbres expressed his enthusiasm for the funding, stating, “Our mission has always been to make compliance seamless, efficient, and future-ready. This additional funding validates our approach and enables us to continue delivering innovative solutions that empower our clients to stay ahead of regulatory challenges.”
Brex secures $235m credit facility to fuel growth of corporate card solutions
Brex, a leading corporate card and spend management platform, has closed a $235m revolving credit facility to bolster its product growth and scale its card solutions.
The two-year credit facility was led by Citi as the senior lender, with TPG Angelo Gordon participating as a supporting lender.
This latest funding initiative is expected to further accelerate Brex’s growth trajectory. The company plans to utilise the credit facility alongside its existing warehouse facilities and master securitisation trust. To date, Brex has completed three securitisation issuances.
Commenting on the announcement, Ben Gammell, chief financial officer at Brex, said, “This transaction highlights the continued momentum of Brex’s card offering and our entire product suite.
“Our capital position remains exceptionally strong, and this credit facility, which follows our largest and most robust securitization to date, allows us to further scale our card solution and empower our customers in making every dollar count.”
Aaron Ong, head of private asset-based credit at TPG Angelo Gordon, expressed enthusiasm for the partnership, adding, “We are thrilled to provide capital support to Brex in its pursuit to offer modern spend management solutions for businesses of all sizes. xThis partnership demonstrates how TPG Angelo Gordon customizes capital solutions to meet the needs of our borrowers, and we are pleased to be part of Brex’s incredible story.”
Founded in 2017, Brex has established itself as a comprehensive financial platform that integrates corporate cards, expense management, banking, bill pay, and travel solutions.
The platform is used by over 30,000 companies, including major names such as DoorDash, Flexport, and Compass. Handling tens of billions of dollars in transactions annually across 120 countries, Brex continues to innovate to help businesses optimise their financial operations.
Spring Financial launches Bloom: Canada’s first AI-driven financial concierge app
This marks a significant milestone as Bloom becomes the first app in Canada to integrate artificial intelligence to provide users with a holistic view of their financial landscape. Designed for everyday Canadians, the app simplifies banking, spending, and budgeting by offering real-time financial insights at users’ fingertips.
Bloom’s core feature is Oscar AI, an intelligent financial assistant capable of answering a range of user-specific queries. For example, users can inquire about their spending on Uber last month or track subscription expenses across platforms. This personalised approach enables users to make informed financial decisions.
Tyler Thielmann, president and CEO of Spring Financial, said, “The last few years have been a challenging financial environment for so many Canadians. Finances are becoming more complicated and there has been very little innovation helping Canadians see their full financial picture in one place. That is why we developed Bloom.
“Bloom uses industry-leading technology to offer users customized financial insights across all of their accounts, right at their fingertips. And with OscarAI, users can have their financial questions answered in seconds.”
The app integrates with all major financial institutions, consolidating various accounts, including bank accounts, credit cards, and savings, into a single, user-friendly hub. Its real-time insights empower users to set specific spending limits, track subscriptions, and categorise transactions automatically, providing a clear picture of their financial habits.
Bloom is particularly advantageous for Canadian renters, offering rent reporting to credit bureaus. This feature helps users build credit histories and unlock better financial opportunities.
Other standout features of Bloom include advanced budgeting tools, subscription and recurring payment tracking, and smart suggestions for financial planning. Available for free download on the App Store and Google Play, the app also offers a premium subscription at $11.99/month for enhanced features.
SC Ventures targets APAC small businesses with new fintech platform
SC Ventures, Standard Chartered’s innovation arm, has today launched a digital platform to assist small and medium-sized enterprises (SMEs) across the Asia Pacific region.
The new venture, called Labamu, offers digital invoicing and billing services alongside integrated banking features. It launches first in Indonesia, but expansion is planned across APAC, tapping into the region’s $2.5 trillion SME market.
The platform aims to help SMEs boost sales through both physical and digital marketplaces. Users can receive payments directly into their bank accounts through embedded banking services, with working capital financing planned for future rollout.
Digital billing, inventory management, and customer relationship tools are also designed to enhance operational efficiency.
“Every small business contributes to shared economic prosperity and we want to empower them,” said Emmanuel Van De Geer, CEO of Labamu. He emphasised the platform’s integration of financial services as a key differentiator in the market.
Southeast Asia’s SME sector accounts for 90% of companies and 80% of employment across six major markets in the region.
Labamu has placed particular focus on female entrepreneurship through its “Wanita Tumbuh Bersama” campaign, which has provided business management training to more than 7,500 SME owners.
In its incubation phase, Labamu attracted over 80,000 SME owners.
Lower integrates Neat Labs technology to set new standards in mortgage efficiency
Lower, a leading digital mortgage lender, has announced its acquisition of Neat Labs, renowned for its end-to-end mortgage origination software.
Lower will integrate Neat Labs’ proprietary software into LowerOS, a comprehensive, cloud-based mortgage platform designed to enhance the borrower experience and streamline loan production costs.
Founded in 2015, Neat Labs has been pivotal in optimising the mortgage process from pricing to loan approval and closing. Neat Labs has notably facilitated over $1bn in loans, enabling borrowers to progress from application to funding in as little as 10 days.
The rollout of LowerOS signifies a pivotal advancement in mortgage technology, offering unprecedented collaboration between borrowers and loan officers. The platform equips borrowers with self-service access to Neat Labs’ sophisticated underwriting engine, allowing them to choose optimal loan products and payment plans. Furthermore, LowerOS automates many labor-intensive tasks within the mortgage process, thereby reducing the time and cost for borrowers to secure loans, while empowering Lower’s extensive network of loan officers to devote more attention to client guidance.
“We’re thrilled to bring Neat Labs into the Lower family. Their technology is the foundation of our next chapter,” Lower CEO and Co-Founder Dan Snyder commented. “Since our inception, we’ve merged state-of-the-art technology with superior customer service. With LowerOS, we are once again revolutionising the mortgage industry, delivering unparalleled operational efficiency and a seamless experience for both borrowers and loan officers.”
Steve Herschleb, Co-Founder and Chief Technology Officer (CTO) of Neat Labs, will transition to Lower as the new CTO. With a robust background in scalable mortgage technology and a former role as Chief Product Officer at Maxwell, Herschleb will be instrumental in the ongoing development of LowerOS.
“LowerOS will change the way consumers think about getting a mortgage whether they are buying a new home, refinancing to reduce their monthly payments or tapping into home equity for major expenses,” Herschleb elaborated. “With LowerOS, borrowers can get approved significantly faster than they can today. It’ll make getting a mortgage feel more like obtaining a car loan or a credit card.”
With the acquisition and the launch of LowerOS, Lower continues to redefine the mortgage experience, blending cutting-edge technology with a commitment to delivering exceptional value and efficiency.
Bilt Rewards clinches $150m in fresh funding to enhance loyalty programs
The round was spearheaded by Teachers’ Venture Growth (TVG), a division of the Ontario Teachers’ Pension Plan specializing in late-stage and growth investments. Alongside TVG, significant contributions came from Vanderbilt University Endowment and the University of Illinois Foundation, with continued support from previous investors.
Bilt Rewards operates as a pioneering loyalty platform that significantly impacts both the residential and local business sectors. By integrating loyalty systems with rental payments, Bilt has facilitated an environment where every rent payment enhances tenant credit scores while simultaneously accruing redeemable points that can be spent within the local community.
The fresh capital will be used to expand Bilt’s influential resident loyalty program and grow its neighborhood loyalty initiatives. These programs are essential for connecting property owners with local businesses, creating a vibrant community ecosystem. Bilt aims to extend these services to include single-family homes and is planning to incorporate mortgage payments into its platform by year-end.
Additional information reveals Bilt’s impressive trajectory of growth. Since their last funding round in January, which raised $200m and put the company’s valuation at $3.1bn, Bilt’s annual platform spend has surged to over $30bn. This represents a 50% increase, driven by the expansion of its loyalty programs to more apartment buildings and into the condominium and homeowner association (HOA) markets. Furthermore, the neighborhood program has expanded to include over 21,000 restaurants and 3,500 fitness studios.
Rick Prostko , Senior Managing Director at Teachers’ Venture Growth, expressed his enthusiasm about the ongoing partnership: “Bilt Rewards has created a unique loyalty program to empower renters. We’ve seen the positive reaction from both customers and all those involved as part of their ecosystem. We are excited about the opportunity to work with Ankur and the full management team and find ways to support them as a value-add partner.”
Ankur Jain, CEO of Bilt Rewards, commented on the future prospects: “This funding accelerates our vision of rewarding Americans for how they live and spend in their communities. We’re rapidly growing our neighborhood loyalty program, expanding into essential categories like healthcare, gas, and groceries. With members in all 50 states, we’re building a comprehensive platform that benefits residents, property owners, and local businesses across the country.”
IntelePeer bags $140m to advance AI automation in customer service
This strategic investment was co-led by Savant Growth LLC and VantagePoint Capital Partners, with additional backing from Savant’s limited partners, including Coller Capital, Hollyport Capital, Manulife Investment Management, and Achmea.
The debt financing was led by Vector Capital through its new direct credit strategy, Vector Velocity. Stifel, Nicolaus & Company, Inc. acted as financial advisor to IntelePeer.
IntelePeer specialises in providing AI-driven solutions for automating communications across various channels.
Fortune 500 and large mid-market firms across insurance, healthcare, retail, financial services, logistics, and transportation verticals are leveraging IntelePeer’s domain-specific AI Agents to enhance their customer service initiatives and experiences.
The newly secured funding will support IntelePeer’s mission to continue reinventing the contact centre and advancing their AI Agent portfolio. The investment will also boost their product development, sales, and marketing efforts, ensuring they remain at the forefront of AI-driven customer service automation.
Since 2020, IntelePeer has been implementing communications AI and automation, with significant acceleration following the adoption of Gen AI.
Their solutions include an omnichannel communications workflow engine and call centre integrations, delivering high levels of self-serve automation for their clients.
IntelePeer CEO Frank Fawzi commented, “IntelePeer grew its AI business by more than 100% year-over-year and is forecasting further acceleration, as a result of our commitment to reinventing the contact centre through customer self-service automation. This funding is further validation of this long-term goal. Our unique sales process harnesses Gen AI to extract why consumers contact a business. The collected data is used to develop an intent map that identifies what AI use cases will deliver the highest ROI with the best possible customer experience and can be used to create reports ready for executive and board presentations. This funding will enable us to continue growing our AI Agent portfolio, significantly increasing our investment in our product and development teams as well as our sales and marketing initiatives.
“The advent of Gen AI has opened the floodgates for businesses to realise massive operational efficiencies while vastly improving customer experience. The measures we have taken, including our partnership with Microsoft Azure OpenAI, ensure the guardrails are in place for responsible AI implementation, a key consideration for all clients looking to implement AI. It’s exciting to have this new backing from investors, and we’ll continue to move forward in developing top-tier AI Agents that provide our customers with best-in-class security and compliance.”
Javier Rojas, Founding Partner, Savant Growth, added, “IntelePeer has been implementing communications AI and automation since 2020 but saw an acceleration after adopting Gen AI which radically increases ROI for customers. While IntelePeer’s workflow capture and guardrails result in rapid reliable implementations, its market leading product success results from its whole product offering including its omnichannel communications workflow engine, call centre, integrations and voice quality experience which provides the contact centre with full self-serve automation for approximately 65% of calls across its customers.”
Nick Ghoussaini, Head of Credit at Vector Capital, remarked, “We are excited to draw from our deep credit investing experience to provide a flexible financing solution to IntelePeer and support the company’s transition to its next phase of growth. As the use of AI continues to rapidly grow within the contact centre solutions sector, we look forward to leveraging our proven operating support and technology expertise to ensure IntelePeer is best positioned to capitalise on AI expansion opportunities.”
Wisedocs bags $4.5m from CIBC to streamline insurance claim reviews with AI
Wisedocs, an innovative leader in the InsurTech sector, recently received a significant financial boost. CIBC Innovation Banking has extended $4.5m CAD in growth capital financing.
This move is designed to support Wisedocs in broadening its client base and enhancing its product offerings.
The company, renowned for its artificial intelligence (AI) software platform, offers streamlined solutions for summarizing claim files. Specifically, it serves the insurance industry by enabling rapid and cost-effective medical record reviews.
With the new funds, Wisedocs plans to continue its trajectory as a market leader. The focus will be on further developing its intelligent technology platform to manage claims more efficiently. This strategic enhancement aims to leverage advanced generative AI to revolutionise how medical records are processed.
CIBC’s funding follows Wisedocs’ successful $12.7m oversubscribed Series A financing round in January 2024. This indicates strong confidence in Wisedocs’ ongoing expansion and its role within the InsurTech industry.
Connor Atchison, Chief Executive Officer of Wisedocs, praised the partnership with CIBC Innovation Banking. “The CIBC innovation banking team is phenomenal to work with. They have a deep understanding of our business needs, the requirements of a high growth tech company, and the need for dynamic banking solutions to expand globally. We are excited to continue to accelerate our growth with an amazing partner like CIBC.”
SentinelOne launches Risk Assurance Initiative with AI-powered security for insurers
The program, known as the SentinelOne Risk Assurance Initiative, aims to offer insurers the SentinelOne Singularity™ Platform at preferred rates, enabling them to stop attacks before they occur and reduce both financial losses and insurance premiums.
The move has been driven by the growing need for insurers to provide robust cybersecurity solutions to their clients. As cyber threats become more sophisticated, insurers are seeking advanced technologies to mitigate these risks and enhance their service offerings.
The company’s Singularity Platform is recognised for its superior performance in the MITRE Engenuity ATT&CK Evaluations and has been named a Leader in the Gartner Magic Quadrant for Endpoint Protection Platforms for three consecutive years.
Customers have also rated it highly, with a 95% recommendation rate on Gartner Peer Insights.
The platform provides 100 percent detection and the highest level of real-world protection. This initiative will enhance the efforts of leading carriers and cyber insurance providers, including AXA XL, Coalition, Travelers, At-Bay, and CFC, who are already deploying the Singularity Platform to prevent ransomware and other cyber threats.
One of the key features of the new initiative is the Insurance Posture Report, integrated into the Singularity Platform. This comprehensive report on key telemetry signals, mapped to the CIS18 standard, allows customers to share their cybersecurity status with insurers, enabling quick validation of acceptable risk profiles.
Additionally, SentinelOne backs its platform with a $1m Breach Response Warranty, offering financial relief and added assurance in the event of a breach.
Managed Service Solution Providers (MSSPs) also trust SentinelOne to deliver top-notch cybersecurity for their clients.
The Singularity Platform is included in the portfolios of companies like Optiv, which use it for Incident Response and Managed Services. This integration supports SMB and mid-market companies in containing threats, remediating breaches, and maintaining robust risk profiles.
John Roberts, General Manager, Security, Coalition, stated, “When a client is managed with SentinelOne, we know they have strong protection against sophisticated cyber-attacks. Coalition can generally offer them more favourable insurance pricing based on their use of managed detection and response technology than if they did not have those security measures in place. We not only leverage SentinelOne in our Coalition Managed Detection and Response offering as a trusted solution for our clients, but also lean on SentinelOne for Coalition Incident Response to support more rapid containment and remediation for clients that have experienced a breach.”
Next-gen core banking leader Tuum bags €25m in Series B investment
The round witnessed leadership from CommerzVentures, accompanied by contributions from Speedinvest and several returning investors.
The company, renowned for its groundbreaking approach to banking technology, has been on a rapid growth trajectory since its first client partnership in February 2019. Tuum stands at the forefront of digital transformation in the banking sector, offering flexible, cost-effective systems that liberate banks to innovate, develop new products, and penetrate fresh markets.
Boasting a diverse customer base across 10 countries, with a significant footprint in the UK and the Nordics, Tuum’s financial performance has been stellar, showcasing a compound annual growth rate exceeding 250% over the last three years.
The newly secured funds are earmarked for an ambitious expansion plan. Tuum aims to strengthen its international presence, targeting pivotal markets in the DACH region, Southern Europe, and the Middle East, including the establishment of a new office.
Additionally, the investment will enable Tuum to bolster its direct sales and marketing efforts and fortify its partner channel.
Reflecting on the funding round, Tuum CEO Myles Bertrand shared his vision, stating, “I joined Tuum in the summer of last year because I saw the gap in the market for its proposition. Everyone knows that banks need to replace their aging core banking systems if they are going to successfully adapt their business models for digital banking.
“However, no core banking vendor has to date made core migration simple and predictable, which is what Tuum is now doing through a combination of smart migrations, a modular and functionality rich core, massive extensibility, and a broad ecosystem of partners.”
ESG FinTech Watershed raises $100m, hitting $1.8bn valuation
The Series C round brings Watershed’s valuation to $1.8bn. This significant injection of capital comes courtesy of lead investor Greenoaks, with notable contributions from Kleiner Perkins, Sequoia, and several other existing stakeholders.
At its core, Watershed’s mission is to hasten the progression of the climate economy. The firm operates with a heightened sense of urgency and possibility, especially considering the environmental milestones and challenges of 2023.
The year marked not only a peak in global temperatures but also saw unprecedented investments in clean energy sectors. Watershed is strategically positioned to catalyse this momentum into tangible climate action, particularly at a time when Fortune 500 companies and thousands of businesses are mandated to adhere to the EU’s Corporate Sustainability Reporting Directive (CSRD), showcasing their commitment to sustainability.
Within the finance world, Watershed allows clients to analyse, reduce and report on their portfolio’s emissions. Financial institutions can get a complete picture of their financed emissions through a carbon estimation engine, with the information all displayed in a handy dashboard.
The capital infusion is earmarked for several strategic initiatives. Their services are comprehensive and global, catering to a diverse client base that includes industry leaders across sectors. The company is dedicated to assisting these entities in navigating their decarbonisation journey, making informed decisions regarding their supply chains, and achieving their net zero objectives expediently.
Watershed is not resting on its laurels. The firm has been industriously developing and augmenting its suite of tools to meet the escalating standards of climate-related work. Noteworthy milestones include the acquisition of CEDA, the establishment of Watershed Disclosures, and the expansion of the Watershed Marketplace. These advancements are designed to empower companies with precise carbon data and streamlined sustainability reporting. Moreover, Watershed’s collaborations with esteemed organisations like KPMG, Accenture, and ERM, and the guidance from its Policy and Science Advisory Boards, ensure that its approach is both scientifically sound and policy-compliant.
Wisedocs secures $9.5m in Series A to revolutionise InsurTech with AI
The investment was spearheaded by Information Venture Partners, a prominent early-stage B2B FinTech investment firm. They were joined by Thomson Reuters Ventures and ManchesterStory, marking a significant vote of confidence in Wisedocs’ future.
At its core, Wisedocs specialises in the development and provision of machine learning software-as-a-service (SaaS) aimed at medical record review, indexing, and summarisation. This innovative service is transforming the way the insurance industry manages and processes medical claims, setting new standards for efficiency and accuracy.
The recently secured funds are earmarked for several strategic areas of growth. Primarily, the investment will support the expansion of Wisedocs’ team, product offerings, and sales territories. This expansion is part of a broader strategy to capitalise on the company’s rapid growth. Notably, Wisedocs made a significant leap into the American market in 2022, establishing new headquarters in Florida to better serve an expanding US customer base.
Additional developments include the launch of Wisedocs’ state-of-the-art Generative AI product suite. This suite, powered by Large-Language Models (LLMs), is a testament to the company’s commitment to innovation. It is set to revolutionise the entire claims ecosystem by offering an intelligent technology platform that streamlines the claims process for insurers, healthcare providers, legal firms, and third-party administrators.
Wisedocs CEO Connor Atchison commented on the funding, saying, “This latest financing round proves the success of our most recent technological advancements. The claims ecosystem has long remained a siloed and slow-moving machine. With the improvements in automation, intelligence, and centralization that Wisedocs enables, the claims process will be an efficient experience for companies, team members, and claimants alike.”
Insurity launches AI-powered solution to revolutionise decision-making for P&C insurance carriers
Utilising Insurity’s analytics solutions grants carriers an enhanced level of reliable insights into their portfolios, facilitating heightened segmentation and improved loss ratios.
The flagship offering of the solution, known as Insurity Predict, harnesses the power of AI to elevate predictive analytics and modelling capabilities, delivering a substantial enhancement in loss ratios and instilling credibility in strategic decisions.
This solution goes beyond merely boosting the accuracy of risk assessment; it also streamlines the underwriting process. Insurity’s analytics models employ advanced AI and machine learning techniques, enabling automation and furnishing superior decision support.
The move has come in response to today’s complex P&C insurance market, which is facing insurance organisations with a myriad of challenges which require accurate and timely decision-making.
Conventional approaches employed by insurers frequently suffer delays, resulting in considerable financial losses and operational hurdles. Insurity’s analytics solutions, driven by AI-powered insights, provide sophisticated, real-time, and reliable insights. This empowers insurers to acquire a more profound understanding of their portfolio, facilitating proactive business management.
Kirstin Marr, Chief Analytics Officer at Insurity, said, “Insurity Analytics, with its AI-powered insights, is a game-changing tool in the insurance industry, empowering carriers to proactively tackle diverse challenges, ensuring better protection for their policyholders and assets. Insurity Analytics is not just about predicting risks but about equipping our customers with the foresight and tools necessary to protect and serve their policyholders more effectively. This is a leap forward in how we use technology to make a tangible difference in people’s lives during critical moments.”
CollateralEdge empowers middle market with Phalanx Impact Partners’ significant FinTech funding
Phalanx Impact Partners, a pioneering investment firm with a focus on fostering positive environmental and community change, has recently announced a significant investment in CollateralEdge.
The amount invested, though undisclosed, has been gathered from several investors with Phalanx Impact Partners leading the round. This infusion of capital is set to further propel CollateralEdge’s mission of providing competitive commercial loans to small and middle market businesses, addressing a critical need in the financial landscape.
CollateralEdge operates at the intersection of technology and finance, offering a revolutionary platform that provides hard collateral support instantly. This aids community banks in mitigating short-term underwriting concerns and minimising policy exceptions on commercial loans. The company’s industry-agnostic platform is particularly beneficial to community banks in rural and urban underserved areas, enabling them to close more deals efficiently and bolster local economies through quality lending.
The newly acquired funds are earmarked for enhancing CollateralEdge’s proprietary Portal technology, which automates the entire loan process, delivering high-quality collateral enhancement solutions directly to banks. This innovation allows banks to maintain autonomy over the loan process and customer relationships.
CollateralEdge, co-founded by Joe Beard and Joe Radtke amidst the COVID-19 pandemic in 2020, has since been on an upward trajectory. The company prides itself on being minority and veteran-founded, with leadership bringing over four decades of experience in investment banking, private equity, and entrepreneurship.
John Pantalena, Partner at Phalanx Impact Partners, echoed this sentiment, stating, “CollateralEdge’s vision deeply resonated with our belief that expanded access to credit can transform communities. In a financial landscape where middle-market capital is disproportionally allocated to private equity owned businesses in a narrow range of target industries, CollateralEdge stands out as a unique solution-driven value proposition. We believe that they will be able grow both by being a valued partner to middle-market lending institutions and by expanding the number of participants in the yield products that they are creating through their platform.”
Joe Beard, Co-Founder of CollateralEdge, expressed his vision for the company, saying, “We are not just building a company; we are constructing a bridge to financial inclusion for small businesses, especially those in underserved communities who need it the most.
“Our collaboration with Phalanx Impact Partners is a testament to our shared belief in the economic backbone of the country small businesses. Together, we empower community banks to extend competitive credit offers to small and middle market businesses which are the key drivers of economic development in this country.”
Surfboard Payments partners with Worldline to revolutionise Nordic payment solutions
This strategic partnership aims to combine Surfboard Payments’ innovative payment solutions with Worldline’s comprehensive expertise in acquiring, processing, and fraud prevention. The collaboration is designed to offer a wide range of payment options and services to businesses across the Nordics, enhancing their payment systems and customer experiences.
Surfboard Payments develops an acquiring platform for card present payments, including SoftPOS and API-based payment terminals. Its solution ensures agile development, minimal dependencies, and control over IP. The company’s offerings are directed towards ISVs and payment partners who aim to disrupt in-store experiences with better value for merchants and consumers.
Worldline, on the other hand, is a technology partner for merchants, banks, and acquirers. With a workforce of 18,000, it provides in-store and online card acquiring, secure payment transaction processing, and a variety of digital services.
The partnership initially focuses on Sweden, Norway, Denmark, and Finland, with potential expansion to other markets. It features Surfboard Payments’ suite of payment terminals like SurfPad, SurfTouch, SurfPrint, CheckoutX, and SoftPOS solutions. These will be integrated into Worldline’s merchant and partner offerings. Additionally, all hardware will be delivered by Surfboard Payments’ SurfShip API first platform, including next-day delivery within the Nordics.
The strategic alliance between Surfboard Payments and Worldline signifies a major advancement in the payment sector, aiming to boost business efficiency, security, and customer satisfaction with innovative solutions.
Worldline Head of Strategy & GTM Merchant Services RB Nordics, Filippa Marklund said, “We are thrilled to embark on this transformative partnership with Surfboard Payments. Surfboard Payments’ innovative payment solutions perfectly complement our existing portfolio, enabling us to provide businesses with a competitive range of payment options and services that create real value for the merchants.”
Surfboard Payments CEO, Christopher Lindfeldt said, “We are excited to collaborate with Worldline to expand the reach of our payment solutions across the Nordics. Worldline’s established strong presence, deep understanding of the market and strong sales capabilities will be instrumental in driving our mutual success.”