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AD Ports Group Signs Collaboration Agreement with Africa Finance Corporation
AD Ports Group, the world’s leading industrial, logistics and trade support company, has entered into a partnership agreement with Africa Finance Corporation (“AFC”), a leading infrastructure solutions provider. in Africa, to bridge the infrastructure gap on the continent.
This agreement allows the two organizations to join forces to identify, finance, develop and invest in much-needed port, warehouse, maritime and logistics infrastructure projects across Africa. Both parties will bring their technical expertise as well as strong financial capabilities and networks into a range of development initiatives, with a focus on green and brown opportunities.
AFC is an all-Africa multilateral development finance institution that aims to fill infrastructure investment gaps by providing complete project cycle financing solutions as well as engineering and advice. Over the past 15 years, AFC has invested more than $10 billion in infrastructure projects in 37 countries in Africa. The AFC developed and financed Africa’s first carbon-neutral industrial park, the Nkok Special Economic Zone, making Gabon the world’s largest veneer exporter, generating $1 billion in export revenue. a year and create more than 30,000 jobs.
This approach is replicated by the Arise platform in Benin and Togo. Most recently, AFC, in a joint venture with Masdar of the United Arab Emirates and EBRD, jointly acquired Lekela Power, the continent’s largest independent renewable electricity producer, with plans to double it double generation capacity within four years. AD Ports Group has significant expertise in the construction and operation of ports, free zones, logistics and maritime hubs, and is currently active in a wide range of development projects in diverse territories such as Jordan, Egypt and Iraq.
The partnership agreement could provide vital support to ports and maritime facilities in Africa, which are often overwhelmed by growing demand for imported goods and established industrial production facilities. Export orientation requires significant investment to modernize, increase capacity and improve productivity. According to an African Union (AU) report, cargo throughput through African ports will reach 2 billion tonnes by 2040, a major challenge due to the current average length of stay – the length of time that cargo is in transit. port – is about 20 days across the continent, compared to the global average of four days.
“Some of the world’s fastest-growing economies are in Africa, necessitating the creation of a new generation of ports and maritime facilities, supported by smart technology and enhanced freight infrastructure. We see a key opportunity to support African nations in their efforts to develop advanced trade hubs that can manage the rising volume of maritime commerce and deliver excellent connectivity. Working with AFC, we will look to prioritize projects that can make a lasting impact on the economies and communities of their respective nations, in line with the direction of our wise leadership to support progressive development.”
Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group.
“We are pleased to sign this collaboration agreement with AD Ports Group today, demonstrating the UAE’s ongoing enthusiasm to invest and deploy expertise in Africa. Combining AFC’s specialist expertise and outstanding investment track record with AD Ports Group’s technical proficiency, I am confident that our collaboration will yield the development of some of the most advanced integrated ports and logistics platforms in Africa and the world at large. We look forward to a continued partnership as we work together to unleash Africa’s economic potential and transform lives on the continent.”
Samaila Zubairu, President & Chief Executive Officer of AFC.
FINASTRA GLOBAL SURVEY SHOWS EVOLUTION OF OPEN BANKING AND GROWING APPETITE FOR OPEN FINANCE
Finastra research reveals that Open Banking is now seen as an important part of the banking landscape, with 99% of respondents seeing it as a “must have” or “important”, compared with 94% in 2015. last. The share of global financial institutions that consider it a “must-have” has increased to 61%, a notable increase compared to 2021 (51%).
“Financial Services”:
The State of the Nation 2022′ Survey indicates that views on open finance are also maturing with around 94% of financial institutions considering it a “must have” or “important” in the data-sharing landscape. (compared to 91% in 2021). Almost half (48%) of respondents now consider open finance a “must have”, a notable increase from last year (38%). The increase was significant in all territories but was especially pronounced in the United Arab Emirates (from 50% in 2021 to 71% this year), the United Kingdom (from 33% to 47%) and the United States (from 45% to 56). %). ). This shows that the industry globally is actively exploring products and services that will benefit from the ecosystem model.
About 85% of experts agree that open finance has made the industry more collaborative and has had a positive impact on the industry.
The study was conducted with 758 experts from banking and financial institutions from August to September 2022 in France, Germany, Hong Kong, Singapore, United Arab Emirates, the United Kingdom and the United States. Ky. It explores the Open Banking and Finance landscape, the technologies and initiatives expected to impact financial services over the next year, and the growing importance of ESG.
Other information includes:
Integrated banking (BaaS) and finance have become the industry standard – 83% of organizations agree that BaaS and integrated finance have been expected/required by customers. More than a third (35%) of the organizations surveyed have upgraded or implemented BaaS in the past year. A little less (33%) have implemented integrated finance.
Drivers of technology adoption remain consistent with previous years Growing our business (48%), meeting current and future customer expectations (45%), staying ahead of the competition (42%) and reducing costs (42%) are all key factors. Interestingly, half of the organizations (50%) now have all or most of their software repositories on cloud-based solutions, with another third (32%) split equally between cloud solutions. clouds and in place.
· Global financial institutions are cautious in technology investment; 82% of them note limitations compared to 2021. Despite the current uncertain economic situation and rising cost pressures, the majority (74%) predict that they will continue to fully invest by the end of this year, i.e. the end of the first half of 2023. Support for ESG is widespread – Nearly 9 in 10 organizations (86%) agree that it is important for the banking and financial services industry to support environmental, social and environmental initiatives. association and administration. In this regard, 82% of respondents agree that green loans offer growth and revenue generation opportunities, with the United Arab Emirates (94%) and Singapore (88%) ) showing the strongest interest.
“Finastra has always championed open finance as the key to unlocking the potential of people, businesses and communities everywhere,”
“Over the years that we have conducted this survey, we have seen open finance grow from an emerging idea to a clear priority for institutions across the world, enabling, as it does, business model shifts such as embedded banking, as well as financial inclusion and equality.”
Simon Paris, Chief Executive Officer at Finastra.
ALLICA BANK RAISES £100M SERIES C IN FUNDING ROUND LED BY TCV
Allica Bank, the leading fintech SME challenger bank, has announced a £100 million Series C funding round led by global growth technology investor, TCV, with participation from existing investors Warwick Capital Partners and Atalaya Capital Management.
Allica now joins TCV’s strong portfolio of businesses, which also includes household names like Airbnb, Netflix, and Spotify as well as fintechs that have revolutionized their respective industries including Brex, Mambu, Mollie, Nubank, Qonto, Razorpay, Revolut, Toast, Trade Republic, and Zepz.
With this fresh financing, Allica is now able to develop quickly and heighten its disruptive influence on the UK SME sector, building on the bank’s exceptional growth and its achievement of profitability in June of this year.
The only digitally native challenger bank in the UK, Allica is dedicated to offering established SMEs and business owners a full range of banking services, including loans, savings, and payments.
These established SME businesses typically have between 10 and 250 employees and makeup around a third of the UK economy – but are instead noticed by both big banks and other fintech companies. focus on consumers and micro businesses.
Allica has generated exceptional momentum in the three years since obtaining its banking license, ensuring continued growth and demonstrating its potential to transform the UK’s traditional SME banking market over the next decade:
- Spring 2022 – Allica was named Best Business Finance Provider at the British Bank Awards
- Summer 2022 – Allica reached £1bn of lending and monthly profitability, and successfully completed the migration of c. 2,000 SME customers acquired from AIB GB
- Autumn 2022 – Allica successfully launched its best-in-class Business Rewards Current Account, a current account designed especially for established businesses, with no monthly fees and great cashback offerings, fulfilling its commitment to be a full-service challenger bank
Allica delivers outstanding financial performance, demonstrating that their proprietary digital banking model is sustainable and highly scalable; Allica has been profitable in less than three years, and third-quarter 2022 revenue is up 743% year-over-year compared to 2021.
In November, Allica was named Commercial Bank of the Year at the annual NACFB awards – one of five categories the bank has won at one of the UK’s leading SME finance awards.
“From the moment we sat down with TCV it was clear we shared the same vision to transform SME banking in the UK, by taking on the mainstream ‘high street’ banking market”
“It’s a massive vote of confidence in the team we’ve built at Allica to attract backing from such a world-class technology investor under the toughest of market conditions, and this £100 million funding round will enable us to support far more of Britain’s established and growth companies, who have been underserved for too long.”
Richard Davies, Chief Executive of Allica Bank and former executive at HSBC and Revolut.
“Richard and team have built a truly impressive platform that is looking to solve a great need for UK-established SMEs, a highly complex segment to serve. TCV is laser-focused on partnering with market-leading companies seeking to leverage technology to transform industries. Allica is a prime example of this and we’re incredibly excited to collaborate with this strong team as they work to be the country’s leading digitally-native SME bank.”
Michael Kalfayan, Partner at TCV.
“We worked closely with Richard during his time at Revolut and are delighted to partner with him again to support Allica on this journey.”
John Doran, General Partner at TCV.
TEMENOS EXPANDS AGREEMENT WITH MBANQ TO ACCELERATE BANKING-AS-A-SERVICE IN THE US
Temenos announced that Mbanq, one of the US’s leading Banking-as-a-Service (BaaS) providers, has expanded its relationship with Temenos to accelerate BaaS adoption in the US.’
This agreement deepens cooperation between the companies following the launch of a joint credit union providing services last year (affiliate).
Temenos also made a small investment in Mbanq to enter the BaaS market that has seen explosive growth through integrated finance worth $7 trillion in market capitalization by 2030. BaaS enables any brand or FinTech to integrate relevant financial services in their customer journey with one modern platform. front-end and back-end technology packages.
Mbanq is the leading BaaS provider in the United States, one of the fastest-growing BaaS markets in the world. Mbanq targets brands in a number of industries such as Ivy League universities, top sports teams and celebrities by offering them comprehensive ‘as-a-service packages such as a trademark registration program, tags debits, credit cards, loans and payments. In addition, Mbanq has strong relationships with many partner banks that provide compliance banking and enable them to enter the lucrative BaaS market.
Temenos hybrid banking platform combined with Mbanq’s complementary technologies such as patented multi-currency and multi-asset digital wallets, on the one hand, bringing to the market a distinct BaaS offering for FinTech and brands and modern and compliant banking and payments. On the other hand, partner banks are regulated.
Temenos and Mbanq provide comprehensive BaaS infrastructure including regulatory support to get FinTech up and running in just a few months and with a cost-effective pay-as-you-go model. Consumer brands can integrate banking and payment services quickly and affordably.
This partnership opens up the possibility of targeting mid-sized banks in the United States, allowing them to not only launch BaaS services such as deposit, credit cards or Buy Now Pay Later, but also proof future-proof their technology stack by launching an incremental kernel. banking innovation. Temenos and Mbanq enable these banks to overcome the limitations of legacy technology by serving brands and FinTech at scale using modern API-driven, cloud-based technology. As a result, banks can avoid being left out by agile new entrants and can also open up new revenue streams.
“We are excited to expand our strategic partnership with Mbanq and deliver an end-to-end BaaS technology proposition. This move will extend Temenos’ target addressable market by opening up a new channel to offer BaaS services directly to consumer brands, an incremental market to our business.
“Temenos is offering a unique end-to-end BaaS proposition, which can power the technology needs of all BaaS ecosystem participants. Together with Mbanq we bring to market a unique combination of capabilities in embedded finance underpinned by broad and massively scalable functionality, combined with value-add services such as regulatory and compliance.
“Mbanq and Temenos have the opportunity to deliver this, and the increased and accelerated investments from both parties will leverage this market momentum. I expect this partnership to become one of the key sources of growth for Temenos in the very important US market.”
Max Chuard, Chief Executive Officer, Temenos.
“We are delighted to expand our partnership with Temenos. Powered by Temenos open platform, Mbanq expands its BaaS value proposition across the entire spectrum of embedded finance, from concept to delivery to operations. Mbanq enhances its technology stack to offer embedded finance at scale to any e-Commerce brand.
“This game-changing partnership will drive our company’s growth and help regulated and unregulated entities transform their offerings, technology and customer experiences in the digital post-pandemic world.”
Vlad, Lounegov, Chief Executive Officer, Mbanq.
OneConnect Announces ADS Ratio Change
OneConnect Financial Technology Limited, a leading provider of technology services to financial institutions in China, announced today that it will change the proportion of American Depositary Shares (“ADS”) that represent equities. ordinary shares from one ADS representing three ordinary shares to one ADS representing thirty shares of common stock. The rate change will take effect upon the opening of trading on the New York Stock Exchange on December 12, 2022.
For OneConnect ADS owners, changing the ADS ratio will have the same effect as a reverse ADS split from one to ten. There will be no adjustment to the Company’s ordinary shares. Unpaid ADSs on the Effective Date will be exchanged for new ADSs, with all ten existing ADS canceled in exchange for the issuance of one new ADS by the Supervisory Bank as of the Change date. effective rate. . OneConnect’s ADS will continue to trade on the NYSE under the symbol “OCFT”.
No new segmented ADSs were released as part of the change in ADS rates. Instead, a portion of the New ADS Rights will be sold by the Depository Bank and the net proceeds from the partial ADS Rights sale will be distributed by the Depository Bank to the relevant ADS holders, in each case. fit. The custodian bank then takes effect. the procedures and practices in effect and after any deductions set forth in the deposit agreement between the Company and the depository bank of ADS.
After the Rate Change, the price of the ADS will increase accordingly, although the Company cannot guarantee that the price of the ADS after the Rate Change will be equal to or greater than ten times the price of the ADS before the change.
STRATEGIC RISK ASSOCIATES (SRA) RAISES $12M IN SERIES B FUNDING LED BY EJF CAPITAL, JAM FINTOP AND FINTOP CAPITAL
The closure of a $12 million Series B capital raising was announced today by Strategic Risk Associates (SRA), a top supplier of comprehensive risk and performance management SaaS technology (WatchtowerTM) for the financial services and insurance industries. Along with longtime SRA client, Atlantic Union Bankshares Corporation and other existing investors, this round of funding were co-led by EJF Capital (“EJF”), through its affiliate the EJF Silvergate Ventures fund, JAM FINTOP, and FINTOP Capital.
“Financial Institutions need a panoramic view of risks that provide the board and executive management better oversight of their business and addresses the increasing regulatory burden and economic realities of today’s banking environment,”
“SRA’s vision is to help our clients improve hindsight, insight, and foresight into their organization’s risks and opportunities through advanced data analytics and continuous monitoring.”
Michael Glotz, CEO and Co-Founder of Strategic Risk Associates.
With decades of risk and compliance experience, the SRA team has built a reputation as trusted experts in helping financial institutions and insurers adapt to changing regulatory pressures. . This investment enables SRA to continue this work at scale with the powerful Watchtower™ SaaS platform and expands its suite of integrated risk services to support digital asset and Financial Technology risk management.
“EJF believes that the banking industry is undergoing a rapid evolution to a substantially more real-time data-driven future. Success will be predicated on managing enterprise risk through advanced tools such as Watchtower. These tools will help both banks and their regulators properly assess direct and indirect risks across the spectrum of their balance sheet,”
Jonathan Bresler, Managing Partner of the EJF Silvergate Ventures Fund.
“JAM FINTOP and FINTOP Capital believe SRA is uniquely positioned to become the leader in enabling banks to compliantly offer next-generation banking services,”
Joe Maxwell, Managing Partner of FINTOP Capital.
SRA works with hundreds of financial institutions across the US that are concerned about the current regulatory environment and the risks associated with the addition of modern products, such as digital assets. (crypto currency) and track their third-party vendors. The expansion of Watchtower’s Fintech Risk Management Suite will help banks and credit unions measure FinTech risk maturity, issue quarterly risk assessments, including issue management and monitoring Continuous monitoring through interactive dashboards and data visualizations to ensure they are mitigating risk, complying and complying with regulatory guidance.
Revio raises $1.1 million to “radically reduce failed payments and churn”
Cape Town-based Revio, a payments API company, has raised $1.1 million in an oversubscribed seed funding round to solve payment failures in emerging markets.
Led by SpeedInvest, with participation from Ralicap, The Fund, Two Culture Capital and strategic angel investors from Sequoia Capital, Quona Capital and Circle Payments, Revio says the investment will enable the firm to launch new products, expand the team and enter new markets. . This is Revio’s first round of institutional funding since its hidden release in March 2021.
Founded in 2020, Revio helps businesses reduce revenue loss due to failed payments and customer churn. With three core products, Payment Coordination, Invoice Automation, and Smart Collections, Revio enables businesses to offer multiple payment options, automate invoices, and manage customer churn. client. Revio also provides customers with full visibility with real-time customer segmentation and analytics dashboards to enable them to monitor live acquisition efforts and increase customer lifetime value.
According to Revio, the fragmented payments landscape in Africa, higher dispute rates, invalid or expired card details, false positive fraud checks and insufficient funds lead to the failure of up to 30 % of digital payments in Africa. The global average is 0.7%. According to a company statement, “An estimated $14 billion in recurring revenue goes uncollected each year, and the continent has a 320% higher churn rate than mature markets.”
“Having been part of multiple payment orchestration and billing automation platforms across the world, we can see the incredible potential of using this toolset to increase revenue recovery for businesses in a region where three out of ten payments fail. With a team as experienced as Revio’s at the helm of tackling this massive opportunity we’re convinced that they can fundamentally change the payments landscape for businesses in their target markets and are excited to be backing them on that journey.”
Alvaro Perezcano, FinTech Investor at SpeedInvest, Revio’s lead investor.
Since Revio started operations a year ago, the company says it has had a list of more than 50 customers. Revio’s corporate clients include insurance companies, telecommunications operators, retailers, subscription software and media companies, finance or rental companies, and alternative lenders. position. The company says its products have been popular with businesses with recurring revenue with high transaction volumes.
Revio’s API allows businesses to accept and reconcile over 30 payment methods. Including:
leading mobile money products, card systems, direct banking and wallets in 25 countries in the African market. The company plans to expand its services to Latin America.
“Customers are treated like gold when they are being acquired and like criminals when they fail to pay. We’re building a better collections system, where businesses can recover earned revenue while treating customers fairly and with empathy.”
Nicole Dunn, Revio’s COO.
“Revio is building a category-leading product to enable businesses to better manage their cash flow and accelerate growth”, adding that Revio “will play a critical role in contributing to the growth of subscription commerce and companies with pan-African scale.”
Revio investor, Hayden Simmons, partner at RaliCap Ventures.
“We have ambitions to build a global business that helps businesses reduce failed payments and recover the revenue they’ve earned. We know that growing a business is hard, but getting paid shouldn’t be. I’m excited to partner with our investor community to accelerate our growth and the value that we deliver to our customers,”
Ruaan Botha, Revio CEO.
PayUp Announces Partnership with nFusion Capital
Peter Rex, founder and Executive Chairman of Rex, announced that PayUp, a Rex company, has partnered with Austin-based nFusion Capital. PayUp is a technologized early payment solution for small and medium-sized businesses ensuring convenient and affordable access to capital. nFusion Capital is a private working capital finance company delivering customized financing solutions to small and medium-sized businesses.
“Labor and materials prices are expected to continue to rise due to inflation and shortages, and 87% of vendors don’t qualify for traditional lending,”
“PayUp is building technology to manage the arbitrage in credit worthiness between these vendors and customers. A line of credit from a partner like nFusion Capital is only going to help PayUp meet that rising demand,”
Peter Rex, founder and Executive Chairman of Rex.
In order to speed up payments, PayUp collaborates with companies and their clients, offering a fully integrated experience that melds into current invoicing workflows, offers instant verification, and offers early, predictable payouts.
“We are excited to partner with PayUp and provide the capital they need to continue to grow their market,”
“In a world where many companies hide behind jargon and fake tech, PayUp is the real deal. It is fin-tech that has developed a truly one-of-kind platform built with technology that solves a real-world problem and we look forward to their continued success,”
Jason Lippman, CEO of nFusion Capital.
“This line of credit will allow PayUp to factor $50M+ in invoices & achieve a multi-million dollar ARR,”
“As we partner with high credit quality customers, we expect to raise larger debt facilities at lower costs of capital, thereby generating margin expansion for our current investors,”
Denver Lobo, co-founder and CEO of PayUp.
PayUp has handled tens of thousands of invoices totaling well over $1.5M in payments since its May 2022 start. PayUp will concentrate on speeding client base growth and employing key individuals over the next 6 to 12 months.
Vietnam’s Fintech GIMO lands $5.1 million Series A
GIMO, a FinTech startup from Vietnam, has closed its Series A funding round with an investment led by TNB Aura.
Other investors in the round include Resolution Ventures, ThinkZone Ventures, Integra Partners, Y Combinator and Blauwpark Partners.
Founded in 2019, GIMO claims to strive to improve the financial lives of Vietnamese people in financial difficulty, first with a pay-as-you-go method.
Currently, nearly 500,000 workers from around 100 companies are receiving on-demand access to wages earned with GIMO, the company claims.
GIMO’s latest funding follows a year of significant growth. With 24x stable annual revenue growth and an 11x increase in transaction volume year-over-year, the company says it has delivered one of the most popular financial applications among Vietnamese workers. favored by financial hardship.
In 2021, GIMO secured a $1.9 million expansion seed round and is currently in the process of raising debt.
“The fresh capital will bolster our product innovation that appeals to the underserved workers and drive revenue growth. Our team has been incubating a suite of digital financial solutions and expects to launch in the months to come.”
GIMO CEO and co-founder Quan Nguyen.
San Fransciso-based technology company SendOwl pocketed $9 million in a seed funding round led by TheGP.
SendOwl provides the infrastructure to transfer, manage, protect, and collect payments for digital products.
Saudi Fintech Hala Acquires UAE Paytech paymennt.com
Hala, the fast-growing regional FINTECH based in Saudi Arabia, today announced that it has acquired, through its parent company, the United Arab Emirates Paymennt.com in the second edition of the world’s largest technology event – LEAP 2023.
Paymennt.com, formerly known as PointCheckout founded in 2017 and co-founded by Bashar Saleh and Tarek Ghobar, is a payment service provider, regulated by Abu Dhabi’s Global Market RegLab, and registered rooms in the United Arab Emirates and Jordan. Paymennt.com serves more than 2,000 micro and small businesses by providing them with a platform to support their offline to online journey as well as an integrated online payment solution and has successfully processed over 250 % of annual payments.
This acquisition will allow Hala to further enhance its product offerings by integrating online payments, allowing its SMB customers to enhance their online presence and multi-channel payment processing both. offline and online.
HALA has made great strides in the FINTECH industry since its inception in 2018, with a clear focus on serving SMEs. The company experienced significant growth in 2022, doubling its customer base and annual revenue.
It should be noted that this is Hala’s second acquisition since its inception, the first being Saudi Arabia’s acquisition of the startup “Fresh” in 2021, now known as Hala. cashier and now allows Hala to integrate non-financial additions. valuable services to its SME clients, a key pillar of Hala’s strategy to build a one-stop shop for SMEs.
“We are excited to welcome Paymennt team to our family to join us in executing our shared vision. The trigger was simple, we met smart entrepreneurs who share a similar vision and who are building a complementary product that clearly fits within our strategy. With more to come, this is our first endeavour outside our homeland and is the first block towards executing our global vision. We believe integrating the offering of Paymennt.com with that of Hala will provide a major added-value for our customers in Saudi and in UAE”.
Maher Loubieh, Co-Founder, HALA.
“It’s a privilege to join a key player in the region’s FINTECH ecosystem, one that shares our commitment and passion to cater to the needs of SMEs. We are very proud of what our team has achieved to date, having gained the trust of our merchants in processing their payments. Now, being part of the Hala family, we can better serve our customers and grow across the Middle East and beyond.”
Bashar Saleh, Co-Founder and Chief Executive Officer, Paymennt.com.
Digital Bank Zopa Acquires BNPL Firm DivideBuy
Zopa Buy Now, Pay Later DivideBuy Apparel is the first acquisition in a $75 million campaign raised earlier this year.
DivideBuy allows merchants to offer customers interest-free payment options at the checkout. Buyers can spread the cost of their purchases over a period of two to twelve months from over 400 merchants.
According to Zopa, DivideBuy will provide credit for large purchases between £250 and £30,000.
The company intends to implement credit and accessibility checks for all applications, report debt positions to credit reference agencies, and provide proprietary tools to help customers repay debt. The deal is expected to increase Zopa’s revenue by at least 20% over the next few years.
“This acquisition helps us bring to life BNPL 2.0, an evolution of BNPL which we believe delivers the easy, integrated product which customers love whilst also addressing some of the issues around affordability and responsible lending which have plagued the sector.”
Zopa CEO Jaidev Janardana.
In January, Zopa raised £75m in funding, which it said would be channeled to fuel mergers and acquisitions activities in the first quarter of 2023.
Terms of the transaction with DivideBuy were not disclosed.
Adyen Broadens Partnership With Free Now To Power New Visa Corporate Travel Cards
Adyen, the global financial technology platform of choice for large enterprises, announced that it has extended its partnership with FREE NOW, Europe’s leading mobile platform, to provide streaming services. card issuance for mobile. This financial services addition builds on Adyen’s longstanding relationship with FREE NOW, the company that previously covered global payments. With Adyen’s release capabilities, while joining FREE NOW’s tool belt, the company aims to streamline migration benefits on behalf of its corporate customers, who will be able to offer a public pass. company to employees as an overall traffic advantage. By expanding its mobile service beyond its own carpooling app to include various modes of public transit, FREE NOW is equipped and committed to creating the ultimate travel card for the company.
“Today, companies spanning all verticals are thinking bigger about the services they offer their customers,”
“Differentiation is no longer just nice to have – the companies who meet more customer needs are the ones poised to succeed. Adyen can enable this competitive advantage with our suite of financial services. As embodied in our growing FREE NOW partnership, we make it possible to unlock entirely new experiences and efficiencies that drive new revenue streams and cater to end customers.”
Adyen CCO, Roelant Prins.
FREE NOW has a portfolio of corporate customers using the Mobile Super App as an employee mobility benefit. While the app offers carpooling, car sharing, and micro-mobility options, these are just a few forms of transportation employees need. In fact, many modes of transportation are used including buses and subways, rail travel, ferries, and more. This diversity in spending means that companies face a lack of transaction monitoring and control, complex contract setup, and labor-intensive billing management. Through Adyen’s card issuance solution, FREE NOW has identified an innovative way to streamline this historically complex employee benefit.
“The virtual payment card issued by Adyen enables us to offer an even wider range of mobility options to our business clients. It was very important to us to find a trustworthy partner with international reach, so our clients can use their Mobility Budget wherever they are in the world. Adyen’s dedicated and proactive support during the integration phase helped us to launch this project to our customers across Europe very swiftly & professionally.”
Fabio Griemens, Director B2B Operations at FREE NOW.
With a Visa business card issued by Adyen, businesses will have full control over when, where and how much employees can spend while on business. To enable full mobility, the card can be easily stored in the employee’s digital wallet. Once downloaded, employees can use their FREE NOW branded Visa business card to pay for taxis, train tickets, subways, buses, trams or any transportation. other. It’s a single solution that meets all of your employees’ mobility needs, whether on daily trips or on business trips.
“Adyen has been a fantastic partner to Visa over the years,”
“Through our innovative work together, we are pleased to help mobility businesses such as FREE NOW to empower their customers.”
Neil Caldwell, SVP Merchant Sales & Acquiring at Visa.
In addition to making it easy for employees to use, Adyen’s Release capability offers significant benefits to FREE NOW’s business customers. Businesses will gain rich insights into their employees’ transactional activities, which can better inform their budget allocation. Adyen’s global banking license provides international coverage and eliminates third-party dependencies. With Adyen’s unique integration, the same card can be issued at the company’s other locations in the UK and EU. In addition, when employees travel internationally, the card can be used in all countries that accept Visa. With consistent monitoring and simplified reconciliation, FREE NOW’s Mobile Benefit Card is a one-stop solution for corporate transportation management.
Neobank Startup SME Bank Expands Its Services With Sepa Instant Transfers And Swift
SME Bank, a new banking startup providing banking and financial services specifically for SMEs, today announces the addition of SEPA Instant Transfer as well as participation in SWIFT, a network of Mass messaging used by banks and financial institutions around the world. The expanded range of services means that the SME Bank will better respond to the needs of its clients, which already have close to 700 European companies.
As the backbone of the European economy, SMEs account for more than 90% of all businesses in Europe and more than half of the working population is employed by an SME. However, more than a quarter of SMEs have difficulty accessing finance from their banks, while 35% receive no services or support other than loans. As a result, many SMEs are still undercapitalized, inadequately consulted and face serious business challenges.
SME Bank is a new business bank based on a single digital platform for all the day-to-day banking and finance needs of SMEs. Founded in 2021 in Vilnius, Lithuania and already present in 5 European countries, it is a flexible and fast digital bank for businesses. SME Bank offers SMEs a full range of banking services and a range of lending products. Together with its partner SME Finance, SME Bank also provides growth finance to startups and SMEs.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a member-owned cooperative that provides a safe and secure network for the transmission of financial transactions. SWIFT is the largest payment network in the world. The Single Euro Payments Area (SEPA), an initiative to facilitate seamless transfers and payments within the EU area, is endorsed and regulated by the European Payments Council (European Payments Council). EPC).
By participating in SWIFT, SME Bank can provide secure, transparent and accessible financial services through extensive messaging networks used by financial institutions, while SEPA instant transfers allow money transfers between two bank accounts across borders in the euro area.
“Instant and seamless customer experience is very important to us. SWIFT and SEPA are key upgrades to our services that will impact customers directly and indirectly in positive ways. These new services represent increased convenience, better fraud protection, and a more mature level of service overall. SWIFT is basically the standard international wire between all banks – an absolute ‘must have’ for any serious institution, and SEPA gives our customers that full EU advantage for the entire Euro payments zone. With this foundational service portfolio, SME Bank is committed to making financial services accessible to SMEs and helping them overcome business challenges and achieve success.”
Ieva Naudžiūnaitė, COO of SME Bank.
Hightower Makes Strategic Investment in Bickling Financial Services
Hightower today announced that it has made a strategic investment in Bickling Financial Services, Inc., a registered investment advisory (RIA) firm based in Lexington, Massachusetts, with approximately $625 million in assets under development. administration and three offices statewide.
Founded in 1984, Bickling Financial Services, Inc. (BFS) is a family business. Company founder Dorothy Bickling, Ed. D., was one of the first 600 people — and one of the first women — to earn the Certified Financial Planner (CFP®) certification. Dorothy’s two sons, Spencer Betts and Andrew Betts entered the business in 2000 and 2007 respectively. Since joining the company, Spencer and Andrew, now co-CEOs of BFS, have helped BFS transform the operation into a standalone RIA and have since led the company’s growth into a business. institutionalized industry.
“As a firm, we have experienced tremendous growth over the past few years,”
“To continue achieving our growth goals, we knew we needed a strategic partner that could help us scale the business and invest in its future. After speaking with several options in the marketplace, we concluded that Hightower has the right combination of resources and value-added services that will allow us to both serve clients and take the business to new heights.”
Spencer Betts, CFP, who, along with his brother, Andrew Betts, MBA, CFP, oversees the family-owned business.
With 14 employees, including five advisors, Bickling Financial Services offers comprehensive financial planning and wealth management services designed to help clients achieve their personal and long-term financial goals.
“When it came to choosing a partner, we knew we wanted a firm that would add resources and expertise, but also give us the freedom to implement our strategic vision,”
“With Hightower, we have a partner who appreciates our vision and can provide the right level of support to help us follow through on our growth plan in an accelerated fashion. We see this as the next evolution of our business.”
Andy Betts, Financial Advisor, Bickling Financial Services.
Bickling Financial Services has strong relationships with communities in New England and the Northeast. Throughout its history, the company has mainly served well-to-do and affluent customer households.
“Spencer and Andy are young leaders who have ushered in tremendous growth over the past several years,”
“We look forward to helping them achieve their ambitious growth goals, both organically and through talent acquisition, scale their operations, and develop the next-generation of leaders through programs like our Hightower Center for Leadership.”
Hightower Chairman and CEO Bob Oros.
Hightower provides 132 consulting businesses in 34 states and the District of Columbia with a range of services designed to catalyze and drive organic growth, including business development consulting, leadership development, and team development. talent acquisition, marketing support, technology, investment management resources, compliance, accounting, payroll and human resources. Inorganic Growth services include sourcing, pricing, deal structuring, due diligence, legal and regulatory integration, pre- and post-close, and funding for M&A transactions. Consulting groups partnering with Hightower also have access to economies of scale, deep industry relationships, and a nationwide advisory community.
As of December 31, 2022, Hightower’s assets under management were approximately $144.3 billion and assets under management (AUM) were $113.7 billion, up from $106.1 billion on December 31, 2022. September 30, 2022.
American Express Taps Microsoft Ai For New Expenses Tool
American Express is expanding its decade-long relationship with Microsoft to develop a suite of solutions based on Microsoft’s AI and Cloud technologies, focused on reducing travel obstacles for employees and businesses. Karma.
The first solution developed through this partnership will improve the cost management process by addressing some of the issues faced by business travelers and expense handlers.
Using artificial intelligence and machine learning, this solution will enhance customers’ existing processes and tools by simplifying and automating manual expense approvals and reports. , improve audit efficiency and streamline reconciliation and reimbursement for accounting teams. Microsoft will be testing the solution with its employees, integrating it into the company’s internal expense system later this year. The solution will be made available to other American Express Corporate customers over time, with the ability to integrate with other expense management tools.
Here’s how the solution will work: When a business traveler uses an American Express Corporate card, they will be prompted to upload a photo of their receipt. An AI-powered decision engine then classifies the transaction and assigns a risk score based on the transaction details, the company’s travel and expense (T&E) policies, and purchase history. and the traveler’s payment on his American Express Corporate card. The risk score is coded in green (suggested for auto-approval), yellow (needs further review) or red (not recommended for approval) based on factors such as your cost policy. company, consistency with existing spending patterns, signs of fraud, and more. . The information is then fed to the expense management system, along with receipt details to automatically generate reports and help managers and auditors make decisions. Using machine learning, the solution gets smarter over time, adapting its algorithms based on patterns and gradually increasing its ability to maximize automatic spend approval with error rates and escalate lower.
“Expense reports are a necessity, but we all hate doing them. At the same time, every company has an increased need for control and compliance with expenses. Now imagine a future where the majority of your expenses are simply ‘auto-submitted’ and ‘auto-approved,’ requiring no manual intervention and adhering to your companies’ policies and spend limits. By combining our customer insights and data, purposeful technology innovation, and a collaboration with an industry leader like Microsoft, we are creating a solution that addresses these needs with a seamless experience for the employee,”
Gunther Bright, Executive Vice President, Global Commercial Services at American Express.
“Advanced technologies like Microsoft Azure AI and machine learning provide powerful, new opportunities to reimagine pervasive, time-consuming manual processes,”
“We look forward to collaborating with American Express to simplify expense management and deliver intelligent digital capabilities to improve the lives of business travelers and employees.”
Bill Borden, Corporate Vice President, Worldwide Financial Services at Microsoft.
The psychology of spending management revealed in the new American Express Trends Survey:
According to a new survey by American Express Expense Management Trendex, which surveys business travelers and those who handle travel expenses, today’s expense management process is a big deal in need of an update.
Four in ten business travelers say they want a performance review (41%), weekly meetings on Mondays at 8 am (40%), their flight delayed by an hour (40%) or an all-day virtual meeting (40%) than filing their expense report. Additionally, 59% of travel expense handlers, who currently do not have a fully independent expense management system, said the biggest benefit of having a more automated expense management system would be savings. It saves time and 94% of people handling travel expenses agree that more innovation is needed, signaling the need for more automated solutions.
Other key Trendex findings include:
The majority (73%) of business travelers agree that business travel would be less stressful if cost management were less complicated.
More than half (52%) of business travelers and more than a third (35%) of people handling travel expenses reported having a negative reaction when describing their employer’s current expense management process. Business travelers said their most common problem (54%) with expense reporting was collecting and tracking receipts.
The most common problems for travel expense handlers are employees not meeting application deadlines (50%) and ensuring costs are in compliance with company travel policies (49%).
60% of business travelers agree that their least favorite part of a business trip is earning/contributing to their expenses.
Most business travelers (76%) spend at least 30 minutes on their monthly commuting expense reports, and on average, two-thirds (65%) of those who process commuting reports take less least one hour to review the monthly expense report, recognizing the need for an effective time management solution.
Of the travel expense processors that currently do not have a fully automated expense management system, most (95%) would like one.
Coincover Announces $30m Funding To Fuel Growth And Foster Trust In Digital Assets
Coincover – the leading digital asset protection technology company – announced a $30 million funding round, led by the Silicon Valley Capital Fund. The new capital will accelerate recruitment, product updates, and partnerships to protect the crypto ecosystem – preventing, compensating, and protecting against crypto threats.
Founded in 2018 and launched in 2019, Cardiff-based Coincover offers digital asset protection that helps solve the biggest barrier to mainstream adoption: trust. For years, security concerns and the ever-changing threat landscape have dominated the global perception of digital assets. Coincover challenges this perception by providing businesses, infrastructure providers, and consumers with access to products that proactively protect them from hackers and human error.
Coincover has worked with over 300 companies, from exchanges and wallets to hedge funds, family offices and banks. The company also works directly with a number of digital asset custodians to keep their customers safe. Existing customers include Fireblocks, Bitso and more. By significantly reducing the risk of moving and storing cryptocurrencies – preventing scammers and scammers from tracking them – Coincover provides a platform where the industry can grow by changing perceptions and winning. widely trusted.
Before Coincover was founded, co-founder and CEO David Janczewski spent 5 years working in blockchain at the Royal Mint for the UK government. While there, he identified and created a digital gold coin with CME Group, the world’s largest commodity derivatives exchange. Co-founder and CTO Adam Smith previously ran a cybersecurity consulting firm with clients in crypto, government, law enforcement, and defense. At Coincover, he focuses on large-scale security engineering.
The new funding will speed up customer adoption, ensuring Coincover can help any business or individual whose digital assets need protection. The alternative is to grapple with disaster recovery alone, which often requires a highly trained, secure operator, separate insurance, technical expertise, training, testing, and guaranteed hardware. high secrecy — an arsenal that is nearly impossible to assemble without the help of any company. Coincover’s service includes all of the above for a fraction of the cost.
“We’re delighted to partner with Foundation Capital, a firm with an unparalleled reputation for helping businesses scale to support customer growth. At Coincover, we’re proud to prevent users from losing access to their cryptocurrency, whether that be through a mistake or the misfortune of being targeted by malicious online hackers. In the wake of a challenging year for the crypto market, Coincover is in high demand, as businesses and consumers scramble to safeguard their digital assets. Through this new funding, we can supercharge our service for all existing and future customers – building a better and more mature digital asset ecosystem in the process.”
David Janczewski, CEO and co-founder of Coincover.
“After a tumultuous year for digital assets, investing in Coincover was a no-brainer. The brand offers assurance in a fast-paced market. This new funding will accelerate recruitment, product updates, and partnerships to safeguard the crypto ecosystem. With $3 billion stolen in hacks last year and 2023 set to see the arrival of crypto regulation, the opportunity is vast.”
Charles Moldow, General Partner at Foundation Capital.