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Sokin lands $15m from BlackRock to fuel global expansion
UK-based payments firm Sokin, which provides international payment solutions for businesses, has secured $15m in debt funding from funds and accounts managed by BlackRock.
This investment follows a $31m strategic investment from Morgan Stanley Expansion Capital.
Sokin has experienced substantial growth in recent months, including a 51% increase in new account openings since the Morgan Stanley investment in July. The company has also expanded its workforce by 130% and recently acquired Norwegian FinTech Settle Group AS, gaining a European EMI license to further its expansion in the region.
The fresh capital will allow Sokin to expand its market presence, develop new products, and scale its team significantly. The company plans to open new offices in London, New York, Toronto, and Dubai, strengthening its global footprint.
Sokin has garnered support from several high-profile investors, including Gary Marino, former chief commercial officer at PayPal, Mark Britto, former chief product officer at PayPal, and Aurum Partners, the investment fund linked to the owners of the San Francisco 49ers. Additionally, former England and Manchester United defender Rio Ferdinand is among its backers.
Founded in 2019, Sokin aims to remove the barriers associated with international payments. The company enables businesses to transfer, hold, and exchange over 100 currencies through its multi-currency IBAN and local currency accounts, offering a streamlined solution for managing global transactions.
Sokin is currently operating at a transactional volume run-rate of over $4.5bn annually and supports a variety of industries, including freight, logistics, and Premier League football clubs, helping them manage global payments with efficiency and transparency.
Sokin CEO & Founder Vroon Modgill said, “We’re on a mission to make a major impact and become the go-to partner for businesses taking on the global stage. This backing from BlackRock serves as a testament to the strength of our proposition, and the rate in which we’ve managed to onboard new business customers. With this funding, we’ll further elevate our product offering, expand our international team, and break into new, untapped markets.”
Tim Fenwick, director at BlackRock Growth Debt, said, “Sokin has developed a unique and compelling proposition that helps solve major challenges facing international businesses. We are glad to support Sokin’s rapid growth trajectory and welcome them to our diverse portfolio of high-growth companies.”
WiseLayer raises $7.2m to enhance AI-powered finance automation
WiseLayer, a New York-based AI FinTech company specialising in digital workers for finance and accounting teams, has raised $7.2m in funding.
The investment round was led by Canaan Partners, with participation from K5 Global, The Fintech Fund, Unpopular Ventures, and several industry angels.
WiseLayer develops AI-powered digital agents designed to automate complex, manual processes within finance and accounting teams. The company’s suite of AI workers includes Angela, an AI agent for accruals and revenue recognition, and Dennis, an AI agent for discrepancies and financial anomalies.
Additional AI agents are being developed to handle bank reconciliations, fixed asset depreciation, lease accounting, and prepaid expenses. More than 100 companies, including mid-sized firms and public corporations, currently use WiseLayer’s AI workforce.
The fresh funding will be used to enhance WiseLayer’s existing AI agents, introduce new automation capabilities, and expand its market presence.
Brendan Dickinson, general partner at Canaan Partners, said, “The exceptional early traction that WiseLayer has achieved with its many large customers, each of whom love their product, demonstrates a clear market need.
“We’re thrilled to support WiseLayer’s next phase of growth as they enhance their AI-powered digital workforce for finance and accounting teams.”
Josh Stein, CEO and co-founder of WiseLayer, added, “Finance & accounting teams have some of the most brilliant people at any company, yet their brainpower is often spent on recurring administrative and compliance tasks like accruals, rev rec, and more.
“WiseLayer’s mission is to build AI agents to automate these repetitive, laborious processes with precision, so that these highly-skilled people can focus on strategic financial initiatives that drive company growth.”
Allra FinTech raises $9.1m Series B to expand early payment services
Korean FinTech company Allra FinTech, which operates the early payment service “Allra,” has raised $9.1m in its Series B funding round.
The investment was led by KB Kookmin Card, which contributed $6.8m, making it Allra FinTech’s second-largest shareholder, according to a report from WowTale. Singapore-based Altara Ventures and Vietnam-based Do Ventures jointly invested $2.3m in the round.
Allra FinTech’s flagship service, Allra Early Payment, is designed to alleviate settlement delays faced by sellers on online marketplaces. Since its inception, the platform has processed over $3bn in cumulative settlements, cementing its position as a leader in the early payment sector.
With the new funding, Allra FinTech plans to expand its team and hire talent to support the growth of the business.
Kim Sang-soo, CEO of Allra FinTech, said, “Over the past four years, we have focused on maintaining the strengths of our ultra-simple early payment service. Even during the Timon-Wemakeprice crisis, we upheld our responsibility as a receivables transferee by refraining from demanding repayment from sellers. This commitment has earned us recognition as a reliable service in the industry, and we are truly grateful for this trust.
“With the Series B funding, we aim to expand into traditional wholesale and retail distribution markets, postpaid service markets, and global services starting in 2025. Our mission remains clear: to become a fintech company that solves the financial challenges of business owners everywhere.”
Clean energy FinTech CapeZero secures $2.6m to transform project financing
CapeZero, a software platform aimed at simplifying financial workflows for clean energy developers, has secured $2.6m in a seed funding round.
The investment was led by Powerhouse Ventures, with participation from Climactic, Avesta Fund, Virta Ventures, and Stepchange.
The funding will enable CapeZero to accelerate the development and expansion of its platform, which aims to streamline and standardise the complex processes involved in securing tax equity and project financing.
CapeZero provides clean energy developers with an innovative solution that reduces the time spent on financial modelling from months to minutes. The platform offers real-time scenario analysis and standardised analytics, allowing project finance teams to operate 50-75% faster.
With the new investment, the company plans to enhance its core platform features and expand its market presence.
CapeZero was founded in 2023 by a team of experts with extensive experience in renewable energy finance and technology. CEO Manish Hebbar brings 15 years of experience in renewable energy and tax credit finance, having closed over 60 clean energy deals amounting to 11 gigawatts of capacity. CTO Sumit Chachra adds significant product and technology leadership experience, having previously served as a global CTO and successful entrepreneur. The team has collectively structured and advised on over $16bn in renewable energy capital deployment.
Speaking about the funding, CapeZero CEO and co-founder Manish Hebbar said, “The renewable energy industry is at a pivotal moment with unprecedented growth opportunities and challenges, and the complexity of tax equity and project financing remains a significant barrier to scaling clean energy deployment. Customers on our platform turn that complexity into a competitive advantage when seeking project finance investment.
“With this funding, we’re building the technology infrastructure they need to streamline these critical financial processes. Our platform enables companies to spend less time troubleshooting spreadsheets and more time focusing on the projects that drive us closer to achieving net-zero emissions.”
Powerhouse Ventures managing partner Emily Kirsch highlighted the importance of CapeZero’s solution, stating, “As we enter the Terawatt Era of renewable energy deployment, the industry urgently needs solutions that can scale with its growth.
“CapeZero’s platform represents a critical step forward in democratizing access to tax equity financing, making it more efficient and accessible for companies of all sizes. With investments in renewable generation and storage expected to grow from $60B to $150B annually by 2030, CapeZero’s solution has the potential to significantly accelerate the deployment of renewable energy projects across the United States and beyond.”
WiseAlpha launches UK’s first high-yield corporate bond ISA for retail investors
WiseAlpha has introduced the UK’s first-ever dedicated High-Yield Corporate Bond Innovative Finance ISA (IF ISA), providing retail investors with unprecedented access to corporate bonds.
This move allows individuals to invest in high-yield corporate bonds within a tax-efficient ISA framework, a market previously exclusive to institutional investors.
The corporate bond market has historically been inaccessible to retail investors due to minimum trade sizes of £100,000. WiseAlpha’s launch removes this barrier, enabling investors to build diversified corporate bond portfolios without the hefty entry cost. This innovation marks a significant milestone in the UK investment landscape.
Sterling corporate bonds offer coupons ranging from 5% to 12%, presenting an attractive alternative to traditional savings accounts and government bonds. WiseAlpha’s High-Yield Corporate Bond ISA allows retail investors to enjoy these returns tax-free, exempting them from capital gains and income tax.
WiseAlpha CEO Rezaah Ahmad said, “This is a watershed moment for the UK investment market. For the first time, investors can access an entire asset class that was previously reserved for institutions. Our High-Yield Corporate Bond ISA represents a leap forward in our mission to democratize finance.”
The new product offers an alternative for equity investors concerned about market valuations. For instance, those holding Ocado equities can diversify by investing in Ocado’s 10.5% bonds via the WiseAlpha ISA. Similarly, investors in peer-to-peer SME lending platforms can shift to corporate bonds issued by larger FTSE-sized companies, offering higher credit quality and competitive yields.
UK investors can allocate up to £20,000 for the 2024/25 tax year across Cash ISAs, Stocks & Shares ISAs, and Innovative Finance ISAs. WiseAlpha also facilitates ISA transfers, providing flexibility for existing holders. Investments within an ISA enjoy full tax exemption, allowing for maximum returns. A 10.5% bond yield within an ISA remains untouched by taxes, compared to a potential 45% tax rate outside the ISA for higher earners.
Rezaah Ahmad added, “With the launch of our High-Yield Corporate Bond ISA, we’re empowering everyday investors to achieve higher tax-free income. This new product aligns with our vision of opening up the financial world to smaller investors and giving them the tools they need to succeed.”
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.
Intergiro teams up with Silverflow for cutting-edge card processing technology
Intergiro, a Swedish FinTech providing payment and banking infrastructure, has unveiled a groundbreaking partnership with Silverflow, a cloud platform specialising in global card processing.
This collaboration aims to empower Intergiro to offer its clientele advanced card network capabilities, augment processing efficiency, and grant unprecedented access to card scheme data.
This strategic move aligns with the burgeoning demand among digital merchants for progressive payment processing mechanisms. Silverflow’s platform, already endorsed by prominent payment service providers and acquirers, such as Deutsche Bank and Buckaroo, promises to equip Intergiro’s ecosystem with cutting-edge card scheme innovations at an accelerated pace.
This not only fortifies Intergiro’s financial suite with acquiring capabilities but also enriches its digital issuing and banking services, offering comprehensive and detailed reporting functionalities.
Intergiro serves as a Swedish FinTech enterprise, offering a comprehensive financial ecosystem tailored for innovators and disruptors. Their suite encompasses card processing, card issuing, and banking tools consolidated into a unified API.
Silverflow, on the other hand, operates as a pioneering payment processing platform custom-designed to meet contemporary payment requisites while remaining adaptable for the future. Embracing a cloud-native approach, they present a singular API interface to the card networks, simplifying complexity, reducing costs, and amplifying innovation opportunities.
“The payments landscape is constantly evolving and it’s more important than ever for our merchants to have access to the latest technologies being rolled out by the card networks,” said Johan Ryer, CCO of Intergiro. “Silverflow’s platform is bringing some of the latest card scheme innovations to Intergiro at pace and easily accessible, which will enable our clients not only to save costs but also meet the payment processing needs of new digital businesses.”
Anne Willem de Vries, CEO and co-founder of Silverflow, commented, “We are very excited about our new partnership with Intergiro. We are looking forward to powering Intergiro’s processing back-end and bringing our easy-to-use platform, data capabilities, and the latest card scheme innovations to Intergiro’s merchants.”
Bain Capital invests $200m to transform mutual insurance landscape
Known for its strategic investments, the firm intends to elevate the industry’s service standards and operational efficiency, through the inception of this group, according to InsurTech Insights.
The launch of The Mutual Group is a result of Bain Capital Insurance’s acquisition of GuideOne Insurance Company’s operational platform. GuideOne, a niche-market mutual insurance carrier established in 1947, stands as the catalyst for this groundbreaking venture, and becomes the first company to join the group.
As the inaugural member of the group, GuideOne will receive $200m. These funds are earmarked to fortify its balance sheet, augment surplus positions, and further fuel growth in service of policyholders. This strategic step is in line with the company’s mission to reinforce long-term stability by enhancing operational efficiencies and bolstering underwriting performance.
Chuck Chamness, former CEO of the National Association of Mutual Insurance Companies, has been brough to the helm of the Mutual Group as Chairman.
Additionally, Tim Fleming, GuideOne’s Senior Vice President of Core Commercial Lines, steps into the role of Chief Executive Officer. He said, “The Mutual Group is an exciting new platform that combines GuideOne’s nearly eight decades of experience as a niche mutual insurance carrier and its highly specialised team with the insurance investing acumen and strategic vision of Bain Capital Insurance.”
The vision for The Mutual Group extends beyond conventional insurance offerings, aiming to provide a unique spectrum of services encompassing underwriting, claims processing, reinsurance acquisition, and a robust technological suite housing policy administration, enterprise billing, and claims administration systems.
Set to launch with an impressive annual premium portfolio of around $800m, servicing over 50,000 commercial policyholders and backed by a workforce of over 400 employees, The Mutual Group establishes its formidable presence within the insurance sector. With its headquarters based in West Des Moines, Iowa, this initiative represents a significant force poised to redefine insurance practices.
FISERV AND RUTGERS-NEWARK PARTNER ON PROGRAM TO DRIVE FINANCIAL TECHNOLOGY INCLUSION AND INNOVATION
Fiserv, Inc., a leading global provider of payments and financial services technology with a growing presence in New Jersey, is partnering with Rutgers University-Newark to create and fund a new program designed to drive diversity and innovation within the financial technology field. Over a five-year period, the Fiserv-RU-N Program for Inclusive Innovation will fund career modules to help students get ready for internships and jobs, establish a center on campus that will serve as a research and incubation space for the RU-N community and nearby businesses, and award annual scholarships to undergraduate students.
“Through its synergy with Rutgers-Newark, Fiserv will foster inclusive innovation in New Jersey’s largest city,”
“The tremendous growth and success of Fiserv in New Jersey epitomize what a company can achieve when it creates value while simultaneously reflecting the values of its customers. Diversity and inclusion are core principles that define us as New Jerseyans, and I am delighted that Fiserv is launching initiatives that not only embody but build upon, those principles.”
New Jersey Governor Phil Murphy.
Fiserv will also finance studies into technology and business, including those into cybersecurity and the moral and legal implications of financial technology.
“Consumer expectations for financial services and payment experiences continue to evolve, creating a demand for continuous innovation,”
“This program will add a new dimension to our ability to bring together a diverse range of perspectives as we develop new answers to the challenges faced by our clients and the financial services industry. With nearly every household in the U.S. having a touchpoint with a Fiserv solution, from digital banking to card payments, we have a tremendous opportunity to deliver capabilities that enhance financial services experiences. We’re energized by the opportunity to cultivate great talent and ideas through the Fiserv-RU-N program.”
Frank Bisignano, Fiserv Chairman and Chief Executive Officer.
“This is a watershed moment for Rutgers-Newark. Fiserv is a visionary company that shares our sense of urgency in building and broadening pathways to business and tech careers for students from our increasingly diverse communities, and shares our understanding that doing this helps drive innovation forward. We’re creating an unprecedented partnership right here in Newark. Its nerve center will be a collaborative innovation lab right on Washington Street where we can set new standards for the fintech industry, where experienced professionals work side by side with university researchers and professionals of tomorrow from Newark, Greater Newark, and beyond, leveraging diversity, creating better, smarter solutions by bringing people from many backgrounds together to tackle problems,’’
Rutgers-Newark Chancellor Nancy Cantor.
PayPal LAUNCHES GRANT PAYMENTS
PayPal Holdings, Inc., in partnership with National Philanthropic Trust (NPT) and Vanguard Charitable, announced Grant Payments. This new product enables Donor-Advised Fund (DAF) sponsors, community foundations, and other grantmakers to deliver grants to charities quickly and electronically via PayPal.
Charities will be able to collect awards soon after the grantmaker has authorized the cash thanks to grant payments. Grant details, including donor information when provided, will be accessible to both grantmakers and organizations via a PayPal dashboard. The strict compliance criteria of PayPal have been applied to the evaluation of eligible and participating charities.
“PayPal is committed to offering safe, secure, and seamless products and services that drive efficiency for grantmakers and charities to digitally send and receive grant payments,”
“By partnering with National Philanthropic Trust and Vanguard Charitable, PayPal Grant Payments will enable more than 200,000 PayPal confirmed charities to quickly receive grants electronically, streamlining and simplifying what has historically been a much more manual and drawn-out process.”
Oktay Dogramaci, VP of Giving at PayPal.
Donor grants from the DAF will reach record highs in 2020. The expected $34.67 billion in grants from DAFs to qualified charities represents a 27.0% increase compared to 2019 and the biggest DAF grant increase in ten years. Grant payments to charities totaled $6.4 billion in 2021 from NPT and $1.78 billion from Vanguard Charitable; checks accounted for the majority of these payments.
“NPT is always interested in innovation and the pandemic amplified the need for non-profits to receive grant dollars more efficiently,”
“This solution does that and more. We believe that PayPal-based Grant Payments will simplify and accelerate how grantmakers can get funds to non-profits for mission-critical programs. The partnership with PayPal and Vanguard Charitable on this sector-wide solution could be a game-changer for other funders as well and has been enormously gratifying.”
Eileen Heisman, CEO of National Philanthropic Trust.
This procedure may be pricey and drawn out. Due to postal service delays and the inability of some non-profits with limited access to offices to retrieve cheques, the pandemic made it even more difficult for charities to receive grant checks on time. Grant Payments allow both grantmakers and non-profits to focus on carrying out their respective philanthropic missions while saving time and resources.
“We are thrilled to partner with PayPal and NPT to bring modern and effective granting solutions to our donors and non-profit partners alike,”
“Charities today need sustainable donor support more than ever. By streamlining the granting process, donors can make an even greater – and faster – impact on meaningful cause areas. We look forward to continuing to bring innovative solutions to the granting space, ensuring that we’re always working to increase philanthropy and maximize its impact over time.”
Rebecca Moffett, president of Vanguard Charitable.
PayPal Holdings had announced the Venmo Small Business Grant, a new program for emerging and small businesses that would provide financial grants and mentorship services to 20 new and existing Venmo Business Profile customers.
ZUORA TO ACQUIRE ZEPHR, GIVING COMPANIES THE POWER TO DELIVER OPTIMAL SUBSCRIBER EXPERIENCES
Zuora, Inc., the leading cloud-based subscription management platform provider, today announced its planned acquisition of Zephr, a leading subscription experience platform used by global digital publishing and media companies. As an existing Zuora® partner, Zephr’s pre-integrated solution is in use today by joint customers, and will immediately expand Zuora’s product suite.
As businesses regularly roll out and monetize new digital service offerings in response to changing subscriber expectations, the media and publishing sector is booming. Customers of Zuora include Bloomberg, DAZN, Guardian News & Media, and Penske Media Corporation, solidifying its position as a market leader (PMC). Zephr’s inclusion will increase the combined solution’s potential in the media and beyond.
With capabilities like identity management, intelligent trials, dynamic paywalls, entitlements management, and a decision engine that helps deliver experiences that are individualized for every subscriber, Zephr’s platform supports close to eight billion queries each month. The solution will enable businesses across industries to nurture and monetize their subscriber relationships by better understanding their behavior, experimenting with the right digital offerings, and optimizing their digital experiences. Zuora’s Billing, Collect, and Revenue systems generate tens of billions of dollars in transaction volume each quarter.
It’s crucial for businesses operating in the Subscription Economy® to be able to quickly introduce and test out new digital offerings. The fastest-growing media firms modify their price and packaging twice as frequently as their contemporaries in the industry, according to research by Zuora’s Subscribed Institute. However, most businesses are hampered by static, antiquated systems that limit their capacity to adapt to shifting subscriber expectations. Companies will have the flexibility they need to address these constantly shifting expectations when Zephr is added to Zuora’s product lineup, ultimately resulting in subscriber conversion, retention, and growth.
“The winners in the media industry are those continuously innovating around new services, bundles, and offers. And where the media industry goes, other industries will follow,”
“This is what combining Zuora and Zephr is about. We’re thrilled to welcome our fellow ZEOs into the family.”
Tien Tzuo, CEO and Founder at Zuora.
“Our focus has been on giving our customers the agility they need to deliver the experiences that modern customers expect – it starts from the first digital interaction to conversion, to renewal,”
“It was a clear decision to join Zuora to accelerate where our platform is headed, and empower all of our customers to nurture and monetize their subscriber relationships.”
James Henderson, CEO at Zephr.
Zephr, a subscription experience platform with an emphasis on increasing revenue development, was founded in 2018 by James Henderson and Chris Scott. Customers include News Corp, McClatchy, and Bauer. Zephr will eventually join Zuora’s current product lineup, which already includes Zuora Billing, Zuora Revenue, and Zuora Collect. To continue promoting innovation and the success of the combined customer base, Zephr personnel will join Zuora.
According to the acquisition deal, Zuora will buy Zephr for $44 million in cash due at closing plus an earnout payment of up to $6 million, contingent upon reaching specific financial goals. Last but not least, Zuora anticipates that the acquisition will increase its yearly recurring income by about $5 million (ARR). The transaction is scheduled to close in early September, subject to usual clearances and closing conditions. Zuora is receiving legal and financial advice from Fenwick & West and Foros respectively. Zephr is being advised financially by Stifel and legally by Cooley.
Zuora expects the acquisition to bring about $2 million in subscription revenue to its fiscal year 2023, which ends on January 31, 2023, and expects to absorb additional operational costs without having an effect on the non-GAAP operating loss. At 2:00 p.m. PT (5:00 p.m. ET) today, Zuora will have a conference call for investors to go through its financial second-quarter results and its outlook for the fiscal third quarter ending October 31, 2022, as well as the fiscal year concluding January 31, 2023. The Investor Relations section of Zuora’s website will host both the live webcast and a webcast replay.
VARIABLE RECURRING PAYMENTS AVAILABLE TO HSBC CUSTOMERS
HSBC UK has rolled out sweeping variable recurring payments (VRP) to all its personal and business customers who use open banking services.
Businesses and customers can utilize VRP to make recurring payments of different quantities without having to re-authenticate for each one.
The Competition and Markets Authority has instructed the top UK banks to implement VRP.
“Sweeping VRPs allow for the automated movement of funds between a customer’s own accounts without the need for any manual intervention once the initial consent is set up.
“This service can, for example, be used to pay off a monthly credit card bill, move money regularly into a savings account, or reduce an overdraft balance.
“We’re looking forward to working with third-party providers to drive sweeping adoption for the benefit of consumers across the UK.”
George Miltiadious, head of Open Banking Channel Management (UK) at HSBC.
GoCardless, Plaid, Yapily, and Truelayer are among third-party suppliers to have launched VRP offerings as part of their open banking playbook.
KENANGA PARTNERS ANT GROUP TO DEVELOP FINANCIAL SERVICES SUPER-APP
Malaysia’s largest independent investment bank, Kenanga, has tapped China’s Ant Group for its mobile development platform as the firm looks to launch a wealth management and financial services super-app.
According to Kenanga, the super-app would be powered by Ant Group’s mobile platform-as-a-service (mPaaS). It will have features for stock trading, digital investment management, an e-wallet, cryptocurrency trading, and foreign exchange.
“Having spent the year conceptualizing and designing the SuperApp, we are thrilled to partner with Ant Group, a globally recognized and experienced infrastructure and platform provider, to develop this platform and bring it to life.
“We look forward to not only unifying a broad spectrum of financial offerings under one roof, but more importantly, to make wealth creation more accessible by democratizing financial services for the millions of Malaysians around the country who want better, swifter and cheaper access to financial products and solutions.
“With almost 50 years of retail experience serving over half a million customers, we believe the Kenanga Wealth SuperApp will leapfrog our growth to the next level. We started our digital journey five years ago, and have a robust digital product pipeline that is set to reshape our relationship with our customers and harness opportunities in the marketplace.”
Kenanga Investment Bank group managing director Datuk Chay Wai Leong.
Since starting its journey toward digital transformation five years ago, Kenanga has already produced a robo-advisor and an online stock trading platform. The super-app is the most recent digital product to be developed by Kenanga.
ATLANTIC MONEY USERS CAN NOW TRANSFER EUROS FROM THE UK FOR €3
Atlantic Money announced that its users in the UK can now transfer from euro to nine currencies worldwide for just €3. This means in addition to international transfers from the British pound; customers can also transfer euros for a flat fee of €3 and always at the live exchange rate, all the way up to €100,000.
Users of Atlantic Money can now transfer their salary from Germany to England at a lower cost than ever before. They can convert earnings into British pounds without incurring large losses if they rent out a vacation house in Spain. Furthermore, persons who have just relocated to the UK from Europe can bring their savings with them more efficiently than ever before.
“We can’t wait for our customers to experience great savings with euro transfers, just as they have been with British pounds. With euro transfers out now, we’re looking ahead to the next development: US dollar transfers.
In June, we became available for everyone in the UK and have since helped customers realize huge savings on their transfers. And we’re just about to get started in the EU. This wouldn’t be possible without all the trust from our community and all the positive feedback – this is what drives us!”
Neeraj Baid, Co-Founder of Atlantic Money.
Atlantic also started working on other developments, such as:
- More express currencies: Users can now send express delivery transfers to the Canadian dollar, Australian dollar, and Polish zloty.
- Sending from US dollar: Atlantic Money has started working on allowing users to transfer from US dollar, which will be available in the near future.
Atlantic Money announced that it received approval to operate as a payment institution by the National Bank of Belgium (NBB), the first company to have done so within a year. The license enables the business to operate in Europe, with access to all 30 EU and EEA member states.