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Investcloud Launches White Fmb+
InvestCloud, the global leader in digital transformation for the financial industry with over $6 trillion in assets, today announced the release of the next evolution of InvestCloud White, called InvestCloud White FMB+. The new product offering includes integrated front, middle and back-end InvestCloud solutions, as well as simple multi-channel asset management services to provide comprehensive tools for advisors and investors. other property management.
The InvestCloud Front-to-Back solution marks InvestCloud’s continued investment in supporting greater operational efficiency and simplifying business-as-usual complexity for wealth management clients. FMB+ includes InvestCloud’s best applications for customer communication, planning, trading and accounting, and business process outsourcing (BPO). InvestCloud’s BPO Center is located in Carlsbad, CA and is currently being used by clients such as William Blair in their SYSTM provisioning.
“There is a massive opportunity to provide huge gains in efficiency to wealth management clients due to the failures of existing players in this market. Many have made claims of offering an integrated platform, but in reality, they lack having a single platform. Their solutions are dispersed across numerous platforms, and each client implementation is a different version, meaning many branches of different code – which is the height of inefficiency. This is why implementations of these platforms often last 3-4 years, with a high failure rate.”
Mark Trousdale, Chief Marketing Officer of InvestCloud.
“We are excited to bring this important offering to market. Most players are still dealing with legacy hard-coding issues that plague this industry. What that means for clients is a cobbled-together version of their code, making it impossible to maintain.” Shamberg continued: “We are proud that White FMB+ totally disrupts these norms and showcases what the power of true digital can offer. Our single end-to-end platform handles the technology and servicing needs, with a cloud-native, no-code approach, enabling personalization and efficiency at scale.”
Yaela Shamberg, Co-Founder & Chief Product Officer, Digital Wealth, of InvestCloud.
Funding Circle and Sage partner to streamline SME finance
UK-based lending platform Funding Circle has partnered with Sage, the accounting, finance, HR and payroll technology company for small and medium-sized businesses (SMEs). This partnership aims to simplify secure financing for small businesses.
With the integration of Sage Accounting and Funding Circle API, businesses will now be able to apply for loans and manage their cash easily.
Initially launched in the UK, SMEs using Sage Accounting software can apply for business loans of between £10,000 and £500,000, with the option to repay the loan between 6 months to 6 years. They will also have access to Funding Circle’s new product, FlexiPay, which is an interest-free line of credit that helps small businesses manage their cash flow. With more than 130,000 businesses reaching over £14.5 billion through the Funding Circle and one million Sage customers, this partnership aims to revolutionize access to finance for small and medium businesses. small. Additionally, the two companies plan to expand their partnership internationally, including in the United States, where Funding Circle has a growing presence as a loan provider.
“We are proud to team up with Sage and launch another partnership via our API, increasing access to funding for more small businesses in the UK. We are really looking forward to building our relationship with Sage and its customers, with the potential to expand into the US in the future too.”
Alexander Allen, UK Managing Director at Funding Circle.
“Our partnership with Funding Circle is exciting as it simplifies access to loans and funding for SMBs so they can focus on running their businesses. Managing cash flow can be a source of anxiety for customers and this partnership will relieve that stress by reducing waiting time on loan decisions and giving SMB owners peace of mind.”
Neal Watkins, Executive Vice President of Product at Sage.
Revolut Launches Online Checkout Feature With One-click Payment – Revolut Pay
Revolut, the global financial super app with over 20 million retail customers, today launched Revolut Pay – a new secure online payment feature enabling merchants across the UK and EEA to showcase ” Revolut Pay” as a payment method on product, cart and checkout page.
Revolut Pay aims to disrupt the payment ecosystem by making online shopping easier as it facilitates direct payments while providing top-notch security for Revolut users: payments will be authenticated through security features like Face ID or fingerprint unlock, and no account numbers will be shared. In turn, this will help prevent fraud and protect users’ funds when shopping.
Revolut Pay is a fast, easy and secure way to pay online or on mobile. Consumers can pay with one click and earn money on purchases as they spend. Existing Revolut users can use Revolut Pay and pay via their saved card or directly through their Revolut account balance. Non-Revolut users can easily pay with a registered Mastercard or Visa card issued by other vendors.
Revolut Pay will solve problems for sellers as well as buyers: Online merchants lose up to 80% of their sales due to customers abandoning their shopping carts. Shoppers often cite lengthy and confusing online checkout processes and limited payment method choices as reasons for leaving the site before making a purchase. Revolut Pay minimizes cart abandonment with quick and easy checkout. Revolut Pay merchants can accept low-fee payments in more than 20 currencies. Revolut Pay follows the launch of Revolut Reader, a card reader payment terminal in July, as well as the launch of Revolut’s payment acceptance platform in 2020 to make it easier for businesses to accept payments.
Since launching Revolut Business in 2017, Revolut has developed 20 products designed to empower businesses looking to increase conversions and manage finances more efficiently. Revolut Pay is already used by sellers like Shopify, Prestashop, WH Smith and Funky Pigeon and will be available from other sellers in the coming months, including Club L London and flight booking company FlyGo.
Revolut Pay is fully powered by Revolut’s payment technology and is a step towards building Revolut’s payments ecosystem, where Revolut enables transactions between retail and corporate customers. Revolut’s new direct payments solution will also reduce costs for its corporate customers.
“With its speed, convenience, security and low pricing, Revolut Pay gives merchants a competitive advantage in a rapidly growing e-commerce market. At Revolut, we constantly strive to make it faster, easier and cheaper for merchants of all sizes to accept payments, wherever they are, and to make it more convenient and secure for customers to pay. That’s why we’re launching Revolut Pay.”
Nikolay Storonsky, Founder & CEO of Revolut.
Revolut Pay features include:
- A new way to pay that’s fast and frictionless
- Best-in-class security, leveraging two-factor authentication when needed
- Low transaction fees with no hidden or monthly charges
- With Revolut Pay, funds will be settled directly into a merchant’s Revolut Business account within 24 hours at no extra cost (compared to businesses typically receiving funds settled to their account in up to seven days and having to pay for quicker funds arriving)
- SMEs can add Revolut Pay to web and mobile checkout pages and be up and running in minutes via our easy-to-install plug-ins
- For larger businesses and start-ups, Revolut Pay has a set of easy-to-integrate plug-in API and SDKs (Software Development Kits) that allows enterprises to go live in a matter of days
- Option to incentivize customers with cashback on their purchases
Revolut Business is a super borderless finance app for businesses – rapidly improving the way startups, scalers and large enterprises accept and make payments, control costs and hold their team accountable. Our mission is to help companies do business globally, from day one, from anywhere. Launched in 2017, hundreds of thousands of businesses now rely on Revolut Business as a platform for growth.
Citi Foundation Announces Inaugural Global Innovation Challenge To Empower Nonprofits Improving Food Security Around The World
The Citi Foundation announced the first-ever Global Innovation Challenge to help scale the impact of nonprofits around the world developing innovative solutions to improve food security. This first challenge will provide a total of $25 million to 50 organizations to support piloting or scaling up ideas and projects designed to address this issue and strengthen physical and financial health. of low-income families and communities.
With 770 million people undernourished worldwide, food insecurity is one of the major global crises today. A recent study by Citi Global Perspectives & Solutions (GPS) found that the estimated impact of malnutrition on the global economy could be as high as $3.5 trillion per year – or almost $500. for every person on the planet – due to record-high food prices. and other macroeconomic factors have led to civil unrest, global displacement, etc.
“Far too many families around the world face the daily struggle of not knowing when and where their next meal will come from,”
“We understand the economic factors that contribute to this ever-growing crisis, and our goal with this RFP is to help empower diverse, mission-driven nonprofits that are pioneering game-changing, scalable solutions in their communities.”
Brandee McHale, President of the Citi Foundation and Head of Citi Community Investing and Development.
For this RFP, the Citi Foundation will prioritize projects in four areas:
- Access: Support efforts that increase access to affordable and healthy food in low-income communities.
- Affordability: Improve food affordability through community finance efforts that help reduce the financial burden placed on low-income communities.
- Availability: Address challenges in the food supply chain that lead to positive community benefits, such as the creation of new jobs and businesses.
- Resilience: Increase the number of available resources that enable low-income communities to more effectively prepare for and respond to disruptions in food security during crises.
“The food security crisis is one of the most urgent issues our world is facing today,”
“Having proudly partnered with Citi for over 10 years, we have seen first-hand the positive impact the Citi Foundation has had in helping lift underserved communities out of poverty. This global initiative is going to provide much-needed funding to industrious organizations working to combat food scarcity with the innovative solutions we desperately need.”
Liza Henshaw, President, Global Citizen.
The first Global Innovation Challenge builds upon Citi and the Foundation’s history of support of addressing food security:
- Citi and Citi Foundation’s support has helped No Kid Hungry provide 300 million meals for kids facing hunger since 2014.
- Citi volunteers have packed over 1.7 million meals on behalf of U.S. Hunger since 2017.
- In 2020 during the height of the pandemic, the Foundation supported the Global FoodBanking Network’s COVID-19 relief efforts across Central and South America.
- In Asia, the Foundation’s support for Think City in 2020 helped them partner with four community organizations in Malaysia to ensure vulnerable populations received food and medical supplies.
- Most recently in Europe, financial support from the Foundation helped Crown Agents International Development purchase and deliver nutritional support for premature infants in Ukraine amidst the conflict.
The deadline to register is March 22, 2023, at 4 p.m. EDT.
Car Finance Fintech Carmoola Raises £103.5 Million To Transform How You Pay For A Car
UK car finance fintech Carmoola has raised an £8.5 million Series A funding round and a £95 million credit facility to revolutionize the way people pay for cars.
The round was led by US fintech experts QED Investors, with participation from existing investors VentureFriends and InMotion Ventures, the investment arm of Jaguar Land Rover. It also includes a credit facility provided by Natwest, helping Carmoola grow rapidly in a lucrative £120 billion market in the UK alone.
Launched just 10 months ago, Carmoola has liberated the aging, slow and outdated car finance market with a new ‘new auto finance’ product that is simple, easy to use and shortens the time The time to buy a car is only a few minutes. . . Carmoola’s proprietary technology and systems allow for a streamlined process providing buyers with a budget, creating free auto history checks and enabling payments to be made instantly online and in the showroom. displayed for only 60 seconds each time. Seamless customer experience.
“Used-car finance couldn’t be more ready for a fintech revolution. Consumers want the freedom to go shopping anywhere, knowing what they can spend, without sending off reams of forms and payslips.
“Frustrated consumers are being put in a corner with excessive rates, manipulated commission, and poor customer service, but it’s the very process of getting the finance that is at the heart of the problem. It’s full of paperwork, lengthy processes, and lack of certainty, but most importantly, car finance is obtained after the consumer has fallen in love with the car they want, which wholly puts them on the back foot. Until now, that is.”
“This funding will not only drive our ambitious growth aspirations but enable us to continue putting the customer at the forefront of everything we do.”
Carmoola CEO Aidan Rushby.
With 7.5 million used car purchases made in the UK alone by 2022 – with an average price of £13,705, Carmoola serves a £120 billion market for finance pre-approved auto purchases.
“Having not adapted to modern expectations for the consumer, the car finance industry has been caught off guard by the new neo-car finance brand Carmoola, who champion the consumer at every part of the process. Carmoola is on track to dominate the car finance sector with a game-changing approach to purchasing.”
Yusuf Özdalga, Partner and Head of Europe at QED Investors.
The funding will be deployed immediately to further grow the business and assist customers in rapidly adopting Carmoola since its launch just ten months ago. The plan is to grow the team to 20 people to meet the needs, putting the customer at the heart of their business. This champion of customer experience and service has earned a Carmoola score of at least 4.9 out of 5 across all review platforms.
Carmoola will also roll out eco-friendly discounts in the coming months to encourage consumers to use more sustainable options. Pure electric cars have grown by 57% to capture 1% of the used market, which will become an ongoing trend that Carmoola will capitalize on.
Froda, Lunar and Visa unveil innovative SME lending solution
Fintech Froda has partnered with Visa to develop an entirely new business lending solution. Initially, Froda and Visa are partnering with Nordic digital bank Lunar. Under the partnership, Lunar customers have access to business loans through Froda’s proprietary integrated lending platform, which offers payments and repayments directly via Visa cards. Visa’s presence in more than 200 countries and territories provides a consistent experience regardless of market, making the product globally scalable.
I am thrilled to announce our collaboration with Visa and Lunar to bring a new level of convenience and efficiency to the world of business lending for SMEs. Our goal was to create a new ecosystem within embedded lending that would offer entrepreneurs easy access to financing and instant payouts. With the support of Visa, we are able to offer this innovative solution to both neo-banks and incumbent banks across multiple markets. We couldn’t be more excited about this partnership and look forward to seeing this new ecosystem grow.
Olle Lundin, CEO at Froda.
At a time when the economy is facing headwinds, access to funding has become even more important for startups and small businesses looking to invest for the future. To best support SMEs, it is important to find new ways to allocate SME finance efficiently. The solution aims to remove barriers by allowing loan repayments and disbursements to be made directly through payment cards. Customers repay loans through recurring card payments without the need to track and manage monthly bills.
At Visa, we are constantly seeking new innovative ways to leverage the use of card infrastructure. The solution Froda has developed offers something new to the embedded lending ecosystem. We are very excited to be a part of this and can’t wait to see the impact it will have on small business lending.
Philip Konopik, Regional Managing Director Nordics & Baltics at Visa.
Utilizing Visa’s infrastructure, the solution provides a consistent experience for customers in any market, without the need to adapt local payments and direct debit processes. Partnering with card issuers will provide a source of transaction data to improve credit scores and provide customers with accurate pre-rated available credit.
It’s a fantastic opportunity to be a part of this collaboration as it allows us to offer our customers a fully digital experience with card enrollment as part of the loan application process. This eliminates the need for a separate enrollment for direct debit solutions or collecting details for invoicing. Additionally, the ability to make instant loan payouts through push payments ensures that our customers can access the funding they need quickly and efficiently.
Mats Persson Bergius, General Manager, Sweden, at Lunar.
The integrated lending solution will be available to Lunar customers in Q2 2023, with the option to allow more SMB card issuers to participate.
Danish Neobank Lunar Raises $38 Million
Denmark’s Neobank Lunar has raised 35 million euros to invest and grow the business in order to further expand in Northern Europe and accelerate the path to profitability.
A bank press release said the “vast majority” of existing shareholders contributed to the increase. Lunar’s most recent fundraising was 212 million DKK (about 28 million euros) in August 2022, accompanied by a +500% revenue increase in the first half of 2022.
The bank’s plan to acquire Norwegian bank, Instabank, failed last September as the August pay rise proved insufficient to cover the “capital needed to meet the capital requirements and get Norwegian FSA approved”. Lunar offered 132 million euros in March 2022 to buy Instabank, with the aim of increasing Lunar’s footprint in Norway and opening the door to the Finnish market.
“The capital markets that we and other similar companies raise money in have changed completely, with earnings now becoming the key focus. Last year we improved our product, attracted more customers, and increased our revenue streams significantly. We will continue to do so in 2023 and the years to come because the market needs a serious challenger in the industry.”
“We are very humbled by the trust our shareholders and customers place in us. They want to help us build a new financial ecosystem and deliver banking services in a whole new way. This proves the strength of the concept we offer to bank customers throughout the Nordic region and we remain committed to this approach despite this period of turmoil in the financial markets,”
founder and CEO of Lunar Group, Ken Villum Klausen.
Flutterwave Expands Into North Africa With New Egypt Payments Licenses
Flutterwave, Africa’s leading payment technology company, today announced that it has obtained a Payment Provider and Payment Facilitator license in Egypt.
The licenses will allow Flutterwave to act as an official payments provider in the country, collect payments on behalf of its customers, and settle payments locally and globally. These licenses will allow Flutterwave to deploy the Flutterwave for the Business suite of products, including store, payment linkage, invoicing and payments in Egypt.
With these licenses, Flutterwave becomes one of the few payment service providers in Egypt capable of global and local payments.
Flutterwave facilitates cross-border transactions in multiple currencies for global businesses, including Uber, and the new license will help the company help international companies enter the Egyptian market or expand their operations in this country. Flutterwave will also be in a strong position to enable Egypt-based businesses to expand internationally, in addition to creating new domestic jobs through empowering local businesses.
“We’re excited to receive the payments services provider and facilitator licenses in Egypt. The licenses will enable us to be the go-to payment processor and digital transformation partner for global settlements in Egypt, which enables our customers to expand quickly within or outside of the country. This, for us, is the beginning of other strategic wins in the North Africa and Middle East regions.”
Aalaa Gamal, Regional Manager, North Africa in Expansion & Partnerships, Egypt.
“We are proud to have been granted the Payment Services Provider and Payment Facilitator licenses in Egypt, which forms part of our international expansion strategy. This is testament to our commitment to provide first-class payment services, seamlessly connecting businesses to their customers. Our vision is to connect all parts of Africa through payments and connect Africa to the world. This way, it is easier for multinationals expanding into Africa to do so. This achievement is yet another step in that direction. ”
Olugbenga GB Agboola, CEO and Founder of Flutterwave.
As part of Flutterwave’s expansion initiative, they have also allowed users to send money to Ethiopia via cash pickup. Ethiopians abroad can send money home and request the recipient to pick up the money at Dashen bank branches, Amole agents and Ethiopia post service offices.
mBank and KUKE will jointly finance domestic investments of Polish exporters
mBank signed an agreement with KUKE, thanks to which the bank’s offer will be enriched with loans for exporters to strengthen their production potential and using payment insurance guarantees. They secure the bank up to 80 percent. financing granted for the investment carried out in Poland.
– Cooperation with KUKE allows our customers to develop. Guarantees allow us to reduce the risk, thanks to which we can grant more loans –
– Thanks to this, customers will be able to increase investments and expand the base of foreign contractors. This is crucial during a slowdown in the economy and global trade. Historical experience shows that Polish entrepreneurs find themselves very well in difficult times.
Adam Pers, vice-president of mBank.
Investment financing repayment guarantees for exporters are an important element of KUKE’s comprehensive export support system consisting of innovative instruments offered only by a few export credit agencies in the world. Some solutions, such as guarantees for investment or working capital financing, support exporters through bank credit instruments. Other tools most often used by exporters include guarantees of repayment of liabilities to suppliers, which are useful in looking for new sources of supply, as well as guarantees of financing the supply chain, helping, among others, obtain additional liquidity from banks and factoring companies.
KUKE instruments build greater financial capacity of the enterprise and have a positive impact on its relations with financing banks and contractors, which enables a significant increase in the scale of operations. KUKE’s offer has already been used by many companies from various sectors, from the automotive and steel industries, through the food and chemical industries, to the shipbuilding industry.
Allfunds Tech Solutions announces partnership with CCLA
Allfunds Tech Solutions, Allfunds’ digital solutions arm, has partnered with CCLA Investment Management (CCLA), a pioneer in sustainable investing to drive real-world change through active ownership pole.
The Allfunds Tech Solutions customer portal, a fully streamlined end-to-end solution, will be integrated with existing ACLC customer interfaces. By leveraging Allfunds’ technology expertise and data management capabilities, the partnership will enable ACLC to offer enhanced portfolio management tools to its professional clients who will benefit more from:
- A fully digitised web interface, layered with improved financial reporting tools that increase transparency and understanding of the investment performance.
- Access to a centralised system of reliable, trustworthy, and easily-leveraged operational data delivered via Allfunds’ Data Hub, optimising clients’ ability to access comprehensive information about their investments in CCLA’s strategies.
Allfunds will also become the latest platform for professional investors to access ACLC’s Better Global Funds, a great opportunity to access ACLC’s investment expertise that, until recently, only for ACLC’s not-for-profit clients and benefit from 60 years of leading UK ESG investment experience.
ACLC works with grantees to promote greater sustainability in the real world economy, evaluating companies against their environmental, social and governance criteria, and invest in a way that aligns with customer values.
“At Allfunds, we are always dedicated to solving problems and helping our clients in the financial services industry become more efficient, closer to their clients, and move their business forward. This partnership is a testament to our continuous efforts to innovate and collaborate with industry leaders, as we strive to revolutionise the financial services industry and deliver exceptional value to our clients.”
Juan de Palacios, Chief Strategy and Product Officer at Allfunds.
“Partnering with Allfunds for the delivery of the new client portal will significantly enhance how we can interact with our clients allowing them to access details of their holdings with us anytime, eliminating the constraints of traditional office hours and supporting CCLA in giving the best possible service to our clients.”
Elizabeth Sheldon, COO at CCLA.
Pleo taps Yapily to expand instant wallet top-up offering
DanishFinTech Pleo has extended its partnership with open banking platform Yapily, as it expands in Europe and adopts Variable Recurring Payments (VRP) to automatically fund accounts.
Pleo first partnered with Yapily in September 2022 to create a seamless and instant payment experience for financial teams when depositing funds into their Pleo wallets. Through open banking, Pleo eliminates the manual payment process that adds difficulty to users and creates unnecessary uncertainty on business cash flow.
Since its launch, there has been a steady growth in the number of customers using open banking as their preferred payment method to transfer funds to their Pleo accounts. Results show that 80% of loyal customers have used open banking as a payment option for repeat account top-ups, with €7.3 million paid to Pleo accounts in the UK, Netherlands and France using Yapily’s open banking infrastructure. Yapily’s broad banking reach and unique API integration have made it easy for Pleo to expand into new markets. For example, the launch in the Netherlands has seen 60% of customers use open banking to top up their Pleo wallet since its launch in November 2022. It plans to use the next approach. Similar approach to rolling out open banking to many major European markets later this year, including Germany.
Pleo is also currently taking advantage of new innovations in open banking by leveraging VRP to automatically transfer funds to their wallet when funds reach a set threshold. This will allow customers to automate deposit rules and further streamline their expense management processes through open banking.
“Partnering with Yapily has enabled us to offer our customers a frictionless user journey when loading their Pleo wallet. This means they can focus on what really matters; good cash management. Following the immediate, positive response from our customer base in the UK, France, and the Netherlands, we are expanding the offering into more of our core markets and seizing on innovations in open banking, such as Variable Recurring Payments, to deliver an even more seamless customer experience”.
Mette Gade, Chief Product Officer at Pleo.
“Payments innovation remains at the heart of the most successful FinTech user experience, and Pleo’s dedication to improving the ease and speed with which its customers can top-up their wallets through open banking has been a resounding success, proven by rapid adoption from its user base and continued geo-expansion”.
Stefano Vaccino, CEO and Founder of Yapily.
Calastone partners with Schroders to make tokenization a reality
Calastone, the world’s largest fund exchange network, today announced a partnership with Schroder to explore the potential of a tokenized investment vehicle for open companies (SCV). This partnership follows Calastone’s multi-year investment in distributed ledger technology (DLT) and cryptography, with the ultimate goal of creating and distributing tokenized investment vehicles through infrastructure. Calastone’s DLT marketplace. .
Digitizing core activities of collective investment programs is transforming value chains and creating more value for investors by reducing costs and laying the foundation for flexible investment products better and more relevant to the digital experiences consumers find in other markets.
“We have been using DLT for many years and are exploring different types of DLT while looking for applications where it can add real value. The tokenization of fund shares will not bring the transformation sought by the industry. However, managing collective investments on a native DLT platform and applying DLT and tokenization at all levels of the fund, from trading to distribution to administration, is a much more fundamental transformation.
Our work with Schroders clearly demonstrates that this future could be much closer than some imagine. We believe that when used appropriately, DLT is a powerful platform for sourcing, managing, securing, and distributing tokenized assets that will help unlock significant improvements in operational efficiency. and product innovation.
Adam Belding, CTO of Calastone.
“We are living in an era of transformation where distributed ledger technology will redefine finance and contribute to a positive impact on asset management. At Schroders, we understand the vital role that tokenization and digital assets can play in modern economic arrangements, and we are honored to partner with Calastone to help advance the digital asset ecosystem. We look forward to collaborating with a range of industry players to bring this pioneering technology to market and usher in an era of exciting possibilities.
Peter Hilborne, COO of Schroders.
Welsh fintech Mypinpad raises $13 million for its ‘secure payments on the move’ solutions
UK-based Mypinpad, a secure mobile trading software solutions company, has raised $13 million in a round led by Crossfin Holdings. This investment will accelerate the expansion of the SaaS offering and open the door to relationships with other Crossfin investment firms.
Currently operating in 20 markets, Mypinpad offers B2B SaaS solutions for making secure payments on the go.
“This investment will provide the necessary fuel to accelerate our growth, strengthen our global reach and potentially expand into new verticals,”
Barry Levett, CEO of Mypinpad.
“We are incredibly proud to have secured this investment, especially in the current difficult investment climate,”
“It demonstrates market recognition of our value proposition, successful track record and the innovative solutions we offer. This investment will provide the necessary fuel to accelerate our growth, strengthen our global reach and potentially expand into new verticals.”
Barry Levett, CEO of Mypinpad.
“Barry and his team have built an innovative, scalable business that aligns well with Crossfin’s best-of-breed mPOS and SoftPOS payment solutions and related mobile payment security solutions, enabling us to extend our reach across emerging markets globally,”
Dean Sparrow, CEO and co-founder at Crossfin.
Iberbank and CaixaBank launch payment platform partnership
After receiving respective approval certificates from EPC1, CaixaBank and Iberpay announced that their respective payment technology platforms are ready to launch, from June 22, First SEPA Payment Request in Europe.
At the same time, CaixaBank, which has become the first bank in Europe to receive a Payment Claims approval certificate from the EPC, is about to launch its first commercial service to help companies easily manage outstanding customers. online and instantly. invoice via Request for Payment. courier to pay.
Claim Payment allows businesses and individuals to request instant payment from their customers or partners online, digitally and without a hitch. This new type of “pull” instant payments (the process initiated by the payee) complements existing instant transfers, representing “push” payments (payments initiated by the payee). pay).
Spanish banks have been advocating the adoption of this new European standard for some time. They are working with Iberpay to get certified and integrate the standard into their service in the coming months. This will help generate a significant number of users, enable widespread adoption of this new feature, and develop new instant and digital payment solutions.
With the launch of instant transfers in 2017, the Spanish banking industry is once again at the forefront of the development of new digital, instant and 24×7 payment services for citizens and businesses. mine. CaixaBank was also the first institution in Europe to make the first transaction under the SEPA instant credit transfer system when it was launched.
JPMorgan invests in financial technology provider Cleareye.ai
JPMorgan has made a strategic investment in Cleareye.ai, a fintech firm specializing in trade finance, the companies announced Tuesday.
The parties, who entered into the trading partnership last September, did not disclose the financial terms of the transaction.
Trade finance refers to financial products offered by banks and other institutions that facilitate global trade by reducing counterparty risk between importers and exporters.
Cleareye.ai operates a platform that it claims can speed up trade finance and compliance processes by analyzing documents and data and eliminating manual checks.
In April, Cleareye.ai announced that the US bank would use the company’s software to map data directly to the bank’s back-office system, using the extracted data to manage Manage compliance risk associated with each transaction. JP Morgan’s trade finance operations receive nearly 4 million individual documents each year.
Compass expands into Switzerland and acquires 100% of HeidiPay Switzerland AG
Compass, the consumer finance arm of the Mediobanca Group, has signed an agreement to acquire 100% of HeidiPay Switzerland AG from HeidiPay AG, a growing Swiss Buy Now Pay Later (BNPL) financial company with over 400 deals. Trade agreements with major distributors, premium brands and technology operators active in the region.
With this acquisition, Compass becomes the new consumer credit operator in Switzerland, able to benefit from a distribution license held by HeidiPay Switzerland AG.
The agreement also strengthens the partnership with Holding HeidiPay AG, a fintech dedicated to developing digital platforms to support BNPL in the world of e-commerce and for physical points of sale, of which Compass already owns owns 19.5% as of August 2022.
After the close of the transaction, HeidiPay Switzerland AG will continue to benefit from HeidiPay AG’s technology and services, ensuring the continuity of the unique BNPL offer on the Swiss market and today enjoyed by an increasing number of merchants. distribution and main brand applied.
With the implementation of risk management tools (initiation, collection and anti-fraud) and a large and in-depth customer database, Compass will be able to make the BNPL business scalable. and sustainable in a particular way that is difficult to reproduce in a pure way. fintech operators. This is in line with the goals of the “One Brand, One Culture” Strategic Plan 2023-2026, which stipulates that Mediobanca Group’s Consumer Finance division will significantly enhance its distribution through through an advanced digital platform, in addition to strengthening the customer base, including expanding into new geographic markets.
With this acquisition, Compass will be able to enrich PagoLight, BNPL’s proprietary full digital solution that can be integrated into e-commerce websites, thus providing the basis for further development. an international offer to support the typical multinational merchants of the online site. world.
Launched in 2021, initially available only to physical stores, PagoLight is now operating in Italy with over 12,000 physical points of sale (the network continues to grow to this day, with around 1,000 installations new/month) and in more than 150 e-commerce platforms with a combined capacity of attracting around 20,000 customers/month, also bolstered by the recent fintech acquisition Soisy.
“ This transaction has a strong industrial value for us and is consistent with the strategic guidelines of the Plan to 2026.”
“With the acquisition of HeidiPay Switzerland AG, we are launching the geographical diversification process of our Consumer Finance division, being able to count on advanced digital platforms in the provision of credit as well as on a value-oriented management approach that leverages the analysis and validation capabilities of the developed by Compass in over 60 years of activity ”
–Alberto Nagel, CEO of Mediobanca.
“ The Swiss market is now considered among those with the greatest growth potential at European level for the Buy Now Pay Later sector.”
“Being able to count on hundreds of commercial agreements in the area guarantees us to lay the foundations for the further development of our customer base as well as our broader offer of consumer credit with a significant contribution already from the first year of activity”
–Gian Luca Sichel, CEO of Compass.
The transaction, the completion of which is subject to relevant regulatory approval and is expected in the second half of 2023, has a negligible impact on Mediobanca Group’s core Tier 1.