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KADMOS RAISED €29M IN A SERIES A FUNDING ROUND LED BY BLOSSOM CAPITAL
Kadmos, the end-to-end salary payments platform for cross-border employers, has raised €29m in a Series A funding round led by Blossom Capital. The investment round, which follows an €8.3m Seed round in December, also included existing investors’ Addition and Atlantic Labs.
Kadmos is already working with several high-profile shipping companies and has built a robust waitlist ahead of full-scale customer onboarding this summer. This new financing will be used for technology and product development. Kadmos is uniquely positioned to capitalize on the growing global cross-border B2C payment volume projected to reach $1.6 trillion by 2022, involving 169 million migrant workers worldwide.
Kadmos was founded to tackle the severe restrictions placed on the financial freedom of cross-border employees and to use modern financial technology to allow migrant workers to have a streamlined salary experience, just as they would expect to work in their home country. The traditional financial system presents employers with unnecessary complexity when paying salaries across the globe and often requires employers to pay large fees to transfer salary payments.
Kadmos has developed a secure salary payments platform for shipping companies that enables them to pay their crews efficiently. Kadmos provides seamless integration with the Kadmos web application, where companies can automatically add their employees through an API connection to various crewing software.
Kadmos provides each employee with access to the mobile app, where salary payments are instantly paid and which allows employees to transfer money home or use a debit card to spend or withdraw cash seamlessly. Digitalizing the payment process means the funds can be kept in secure currencies within the Kadmos app, ensuring low transaction fees and market-leading foreign exchange rates.
“The financial restrictions placed on migrant workers are truly shocking. Employees need to wait days or weeks for their hard-earned salaries to reach their families and are then forced into paying exorbitant transaction fees or have to carry large sums of cash at their own risk. At Kadmos, we are working to change the status quo through cutting-edge financial technology and ensuring the hard-working people who power the global economy can keep more of their well-deserved salaries. The speed and size of our latest funding round underline the potential for our platform, and we’re honored to partner with such a reputable and prestigious venture fund in Blossom.”
Justus Schmueser, Kadmos Co-Founder.
“At Kadmos, our mission is simple, to make being paid internationally as easy as being paid domestically. In an ever-globalized world, it’s criminal that it is so difficult for cross-border employers and their employees to pay and be paid. We’ve been taken aback by the level of demand for our product, particularly as geopolitical crises continue to cause issues around cross-border payments. To have Blossom’s support will mean that we can continue to rapidly expand our team and the product.”
Sasha Makarovych, Kadmos Co-Founder.
“From the moment we met Justus and Sasha, we couldn’t help but be drawn to their scale of ambition and drive. With outdated banking practices and multiple intermediaries that charge excessive fees, it’s clear that the process for cross-border payments is broken, and Kadmos’ fintech platform is exactly the technology to fix it. 2022 looks set to be an exciting year for the team as they look to grow the product into new verticals, and we’re delighted to be joining them on this journey.”
Alex Lim, the Managing Partner of Blossom Capital.
MASTERCARD STRENGTHENS ITS MENA LEADERSHIP TEAM
Mastercard announced the appointment of Adam Jones to lead its operations across the Middle East and North Africa (MENA) Central cluster in his new role as Country General Manager. Adam is responsible for Saudi Arabia, Egypt, Jordan, Lebanon, Bahrain, and Iraq markets.
“I am delighted to be part of Mastercard’s journey with this new role as we continue to transform the payment technology landscape through rapid digitization to support consumer trust. We are driving innovation within the industry to ensure that the entire payment process is simple, secure, and seamless enabling digital commerce and advancing digital economies in the region.”
Adam Jones, Country General Manager, MENA Central, Mastercard.
The appointment is part of a series of leadership changes following the earlier announcement that presented the expansion of Mastercard’s EEMEA (Eastern Europe, Middle East, and Africa) region which includes 81 of the 210 markets where Mastercard operates globally.
The company has been at the forefront of digital transformation and payment technology innovation across the diverse MENA region. The appointments strengthen Mastercard’s commitment to driving financial inclusion, supporting a world beyond cash, and investing resources in key markets.
Adam joined Mastercard in 2015 as Head of Commercial Products for the Middle East and Africa responsible for product and sales. Before joining Mastercard, Adam served as the Head of Commercial Business for American Express Middle East and North Africa, based in Dubai, UAE.
WELAB BANK ANNOUNCED THE LAUNCH OF GOWEALTH
WeLab Bank, the virtual bank dedicated to curating intelligent banking experience, announced that it had become Asia’s 1st purely digital bank independent of traditional banking groups in major Asian markets to launch a digital wealth advisory solution- GoWealth Digital Wealth Advisory (GoWealth).
GoWealth combines the FinTech strength of WeLab Bank with the investment expertise of Allianz Global Investors (AllianzGI), one of the world’s leading asset management firms, empowering customers to reach their financial goals on “autopilot” with an end-to-end approach.
GoWealth is a goal-based wealth advisory solution. It ties the entire investment experience with customers’ goals through an end-to-end advisory process, ranging from financial planning and investment portfolio recommendations to fund transactions and financial goal tracking, all in the WeLab Bank app.
“Most of the existing wealth management services focus on high-net-worth customer segments; some relationship managers cease following up and stop tracking investment performance after customers buy investment products. Understanding these pain points, WeLab Bank is determined to digitalize and democratize wealth advisory through GoWealth. By providing goal-based end-to-end investment, we are enabling everyone to get easy access to professional financial advisory in our mobile app. On this occasion, by launching GoWealth, we are proud to become Asia’s 1st purely-digital bank to launch a digital wealth advisory solution1. We envisage that GoWealth will raise the bar for the wealth management industry and mark an important milestone for the entire banking industry.”
WeLab Bank, Chief Executive, Tat Lee.
To empower customers with risk management, GoWealth updates the “probability of success” on a regular basis which allows customers to understand the risks involved with greater ease. It tracks the progress of customers’ financial goals and helps customers stay on track with smart alerts so that they can manage their portfolios at their fingertips and gain traction under all market conditions.
“We are excited to collaborate with WeLab Bank and deliver our expertise to more customer segments through fintech. GoWealth relies on the extensive portfolio simulation methodology and AllianzGI’s expertise in investment management. We believe we can work with WeLab to help democratize digital wealth management solutions for more customers in the city, helping them achieve their financial goals and needs.”
AllianzGI, Head of Institutional Business, Asia Pacific, Philip Tso.
GRIFFIN ANNOUNCED THAT IT HAD RAISED $15.5M IN FUNDING
Griffin, a Banking as a Service (BaaS) FinTech firm, announces it has raised $15.5 million in funding to launch the OS for embedded finance. Notion Capital led the round, with participation from existing investor EQT Ventures as well as FinTech angels, including William Hockey, co-founder of Plaid and founder and co-CEO of Column, Nilan Peiris, VP of Growth at Wise, Rob Straathof, CEO at Liberis and Shane Happach, CEO of Mollie and ex CCO Worldpay.
Griffin also welcomes Notion Capital co-founder and managing partner Stephen Chandler to its board of directors. Chandler’s previous investments include FinTech unicorns GoCardless and Paddle, and he brings a wealth of industry knowledge and operating experience in banking and software to Griffin.
“We’re thrilled to be working with Notion Capital and to have someone of Stephen’s calibre join our board. His experience fits perfectly with our vision to blend the worlds of banking and technology into one powerful platform,”
“With this injection of funding, we can continue to innovate, scale our business, and focus on building the best banking platform possible.”
David Jarvis, Griffin CEO and Co-Founder.
Griffin is building a full-stack vertically integrated BaaS platform powered by modern, user-friendly technology. The company has raised $27 million of funding and recently submitted its application to the PRA and the FCA to become an authorized bank. The notion and other investors recognize this as a key market differentiator for the company. Becoming a bank would enable Griffin to offer banking services and a more comprehensive BaaS platform than middleware competitors. Griffin’s vision is to be a stable, long-term banking partner for innovative FinTechs who often struggle with long, expensive onboarding processes and integration with legacy tech at established banks.
“SaaS is finally eating the financial services sector the way it has every other industry, and Griffin will empower FinTechs to build and launch financial products with a single secure and modern SaaS platform,”
“I’m thrilled to support the team as they rewrite the way companies interact with banks and accelerate growth.”
Stephen Chandler, Managing Partner at Notion Capital.
The notion and other investors also backed Griffin based on the calibre of its leadership. David Jarvis and Allen Rohner, founder and former CTO of tech unicorn CircleCI, founded the company in 2017 and have since assembled a formidable team of tech and banking leaders from the Bank of England – PRA, Visa, HSBC, Form3, SWIFT, Monzo, GoCardless, Atlassian, Snyk, and more.
Since its last funding announcement in November 2020, Griffin has tripled in size and begun commercializing its platform, currently available for exclusive early access. This new round of investment will be used to grow the leadership and operational teams and continue the build of the core banking platform. Griffin is also committed to protecting its company culture as it scales. The company’s culture is based on trust, kindness, and transparency and underpins its goal of becoming the bank for builders and innovators.
“The financial services industry has not kept pace with consumer trends and tech innovation, creating demand for a developer-friendly bank built on modern APIs and intuitive software,”
“Griffin aims to challenge the status quo by offering a full-stack banking platform that will make it fast, simple, and cost-effective for brands to launch financial products. This influx of capital will drive the next phase of the company’s ambitious journey.”
Tom Mendoza, EQT Ventures partner, and Griffin board member.
eWallet REBRANDS AS e& money, A FINANCIAL SUPER APP SET TO TRANSFORM THE FINTECH SPACE
e& (formerly Etisalat Group) recently announced that eWallet is undergoing a major transformation into a new FinTech company called e& money. As the FinTech arm of e& life (one of the specialist business pillars of e&), e& money aims to revolutionize the customer experience through its innovative financial super app marketplace.
The announcement builds on the success that eWallet has achieved to date, providing UAE citizens and residents with safe, flexible, and contactless payment solutions to conveniently make their daily transactions. Furthermore, as the first wallet licensed by the Central Bank in the UAE, it enabled new growth opportunities for the telecom and financial services sectors. In light of the fast-evolving FinTech industry, consumers and merchants are seeking an integrated financial marketplace or mobile-centric solution to simplify the way they carry out transactions. Through the rebrand, e& money is evolving to become a comprehensive super app that addresses various financial needs of customers, giving them access to financial services such as merchant payments, money remittances, bill payments, lending, investments, and network branded cards and insurance services.
“We are building on the solid foundations of growth through an array of relevant financial products and services that enhance our customers’ lives and add business value to merchants and businesses. Our fintech company, e& money, demonstrates our commitment to advancing digital fintech solutions that make a difference, delivering an innovative end-to-end financial marketplace that meets all of our customers’ financial needs as we push beyond the realms of traditional services.”
“With the evolving financial ecosystem, e& money will set a precedent for embracing the imminent cashless economy by capitalizing on e&’s brand value and our strong customer base in the UAE and the other operating markets. We also welcome strategic partnerships with start-ups and technology players in the fintech space to bring best-in-class technologies and innovative solutions such as AI-based platforms, credit scoring algorithms, and advanced analytics platforms that will benefit our customers and address the growing demand for a financial super app marketplace.”
Khalifa Al Shamsi, CEO of e& life.
UAE citizens, residents, and UAE-based businesses will benefit from e& money through an enhanced customer experience that enables them to do their financial transactions seamlessly, conveniently, and securely, spurring a cashless economy.
The FinTech company will open more doors to digital financial systems that will serve banked, unbanked, and under-banked customers in the UAE. Currently, 55% of total payments are made in cash in the UAE, making it a dominant payment option. The move will not only break down barriers customers face when accessing financial services even further, but it will also support the UAE’s ambitions for continued socio-economic development and a cashless economy.
ALERUS COMPLETES ACQUISITION OF METRO PHOENIX BANK
Alerus Financial Corporation recently announced it has completed the previously announced acquisition of MPB BHC, Inc., the bank holding company for Metro Phoenix Bank. Founded in 2007, Metro Phoenix Bank is the largest full-service community bank headquartered in Phoenix, with approximately $453 million in total assets, $280 million in total loans, and $402 million in total deposits as of March 31, 2022. Metro Phoenix Bank operates one branch in Phoenix, serving small- and medium-sized businesses throughout the metro area.
The transaction represents the largest bank acquisition in Alerus’ history and the twenty-fifth acquisition for the Company since 2000. It is the first all-stock acquisition for the Company, which began trading on Nasdaq in 2019.
Alerus has been operating in the Arizona market since 2009 and added Metro Phoenix Bank as part of its long-term plan to continually expand its four business segments—banking, retirement and benefits services, wealth management, and mortgage. The acquisition significantly increases its presence in Arizona. The Company now has the fifth largest deposit market share in the Phoenix metropolitan statistical area (MSA) among community banks, with approximately $516 million in total deposits, and will operate three branch locations in Arizona (Phoenix, Scottsdale, and Mesa). Together, Alerus and Metro Phoenix Bank led the market in U.S. Small Business Administration 7(a) loan production volume in the first quarter of 2022, an area of lending which will continue to be a focus for Alerus.
“We are pleased to welcome the clients and employees of Metro Phoenix Bank to Alerus,”
“This talented team has a proven history of strong credit and organic growth. Our partnership will allow the Metro Phoenix Bank professionals to continue providing excellent service to their clients with expanded capacity and additional product offerings. We look forward to working together to strengthen our presence in one of the fastest-growing metropolitan areas in the country. Alerus has a long history of successfully executing and integrating acquisitions, and we believe this combination will provide positive results for our shareholders, clients, and employees.”
Katie Lorenson President and Chief Executive Officer Alerus.
Alerus will transition Metro Phoenix Bank client accounts to Alerus systems in the third quarter of 2022. Additional information will be provided to clients in advance of the conversion date to ensure a seamless transition. Steve Haggard, President, and CEO of Metro Phoenix Bank will join the Company as President of its Arizona market, providing leadership continuity for Metro Phoenix Bank clients and employees. He will also join Alerus’ leadership team and contribute to Alerus’ long-term strategic decision-making, including continued Arizona market growth.
“Our companies share similar business philosophies, so as we looked for a long-term partner, Alerus stood out as an acquirer of choice for the benefit of our clients, our employees, and our shareholders,”
“Alerus provides the broader product offerings and resources our clients desire, along with an existing market presence and a long-term commitment to the area. Joining with Alerus means we can uniquely provide the right mix of banking, mortgage, wealth management, and retirement and benefits products and personalized service that businesses, their owners, and their employees need to reach their goals – now and into the future.”
Steve Haggard, President, and CEO of Metro Phoenix Bank.
DERIVATIVE PATH TEAMS UP WITH GOLDMAN SACHS TO DELIVER FX AND GLOBAL PAYMENTS TO US BANKS
Derivative Path, a leading provider of capital markets technology and derivatives execution services to regional and community banks, announced it is collaborating with Goldman Sachs Transaction Banking (TxB) to offer an automated, digital-first payments platform to help financial institutions with spot foreign exchange and international payments. Using TxB’s API-based platform, Derivative Path clients can now provide a more cohesive end-to-end global payment solution to their underlying customers.
The cloud-based solution simplifies cross-border payment complexities by streamlining workflows, providing greater pricing transparency, and delivering real-time, secure payment tracking for users. The solution reduces barriers to entry for regional and community banks to seamlessly access FX payments through the Derivative Path platform, leveraging Goldman Sachs Transaction Banking’s Global Payments network.
“Teaming up with one of the world’s largest and most established financial institutions is a major step in the right direction of bringing greater technology sophistication and flexibility to the regional and community banking sector in the US,”
“The launch of our joint solution with Goldman Sachs substantiates our mission of delivering a new wave of innovation to these firms.”
Pradeep Bhatia, CEO & Co-Founder of Derivative Path.
“Regional and community banks now have access to the same global payments capabilities as large money center banks,”
“We are pleased to collaborate with Derivative Path to provide access to our global payments capabilities through their platform and provide regional and community banks with a comprehensive yet simplified and efficient cross-border payment solution.”
Art Brieske, Global Head of Payments for Goldman Sachs Transaction Banking.
Derivative Path’s SaaS-based capital markets platform DerivativeEDGE was designed as an end-to-end solution in which users have front, middle, and back-office functionality on one platform, eliminating the inefficiencies of working with disparate systems to manage operational workflow. It also automates regulatory compliance, integrates real-time market data, automates swap data reporting, and affirms cleared trades.
NEXI TO POWER SYNCH PAYMENTS IRELAND’S FIRST INSTANT MOBILE PAYMENT SERVICE
Synch Payments, the Irish instant mobile payments provider, has agreed with the European PayTech Nexi as its platform and service provider to help bring the Synch proposition to Irish customers and merchants. Synch recently secured authorization from the Competition and Consumer Protection Commission (CCPC), clearing it to trade and paving the way for the company to move its attention fully toward launch planning for the new app.
The appointment of a technology partner is a key milestone as the platform and service provider are an essential part of the business proposition. As a selected provider, Nexi has already demonstrated its credentials in the mobile payments sector with its highly regarded Jiffy platform powering mobile payments service BANCOMAT Pay in Italy.
Working with Nexi, Synch will offer Irish-based banks and authorized financial institutions an innovative service that will enable merchants to receive an account to account payments at the point of sale and e-commerce with an effective “mobile-only” user experience for consumers, reducing the overall costs and contributing to further accelerating the use of digital payments in Ireland.
“With CCPC approval to trade, we are now moving forward and are putting in place the critical elements that will build the foundation of our payments service here in Ireland. Central to this is partnering with a trusted and established PayTech leader who will bring their experience, innovation, and proven track record of service to the Irish market for the benefit of Irish consumers and merchants as well as all payment service providers that are licensed to join the service.”
“Since the recent CCPC announcement a week ago, we have had an increased number of inquiries from organizations that want to join the service. It is a really exciting time, and we are delighted that we will have Nexi working alongside us, ensuring that we have a trusted partner with world-class credentials in digital payments. We look forward to working closely with the team at Nexi in the weeks and months ahead as we work toward our launch.”
Inez Cooper, Managing Director of SynchPayments.
“We were the first in Italy to develop and launch a P2P and P2B service via smartphone with Jiffy, and today we feel really very proud of being selected by Synch and are eager to support the financial institutions and payments service providers that will join Synch, to deliver an instant mobile payment solution for Ireland. This is a further important recognition of Nexi’s capabilities to launch innovative initiatives by leveraging our know-how, expertise, and people and also contributing to accelerating the development of digital payments in Europe.”
Andrea Mencarini, Cards & Digital Payments Director at Nexi.
Nexi and Piteco, an Italian software house providing corporate treasury management and financial planning solutions, sign a partnership enabling large corporations and SMEs to have a new digital payment solution at their disposal.
HSBC LAUNCHES DIGITAL PLATFORM THAT REVOLUTIONISES TRADE FINANCE
HSBC has launched HSBC Trade Solutions (HTS) to customers in its two largest markets – the UK and Hong Kong. Whilst making trade simpler, faster, and safer for customers through integrated digital journeys, HTS will power commerce that is rapidly evolving across different platforms and ecosystems.
Developed in partnership with CGI, the new platform allows customers to create and manage all of their trade finance products online. HTS is built on an API-native modular design and flexible technology platform that will form the backbone of HSBC’s market-leading commerce offering – supporting $800 billion in global trade each year. five.
In the context of continuous transformation through new technologies, enhanced supply chain resiliency and ESG requirements, HTS will enable the bank to embrace future changes quickly and more effectively.
“HSBC Trade Solutions has been co-created working closely with our clients and delivers a major step forward in terms of client experience”
“Its flexibility will power solutions to fit into our clients’ rapidly evolving ecosystems. Using such digital solutions, 88% of our trade transactions are now initiated digitally across a range of channels.”
Vinay Mendonca, Global Head of Trade Finance Products and Propositions at HSBC.
HTS has redefined the customer experience with intuitive, self-service digital interfaces developed with ethnography. Customers will also benefit from a higher degree of automation and direct processing. The use of the new platform also enhances risk management and monitoring with full integration of anti-money laundering (AML) measures, sanctions, fraud and credit risk controls.
“This important solution launch is an exciting time for the marketplace and continues the strong working relationship between CGI and HSBC,”
“We look forward to working closely to drive positive change across a number of hugely important areas.”
David York, Vice President for Banking and Financial Markets for CGI in the UK.
HTS’s integrated data architecture will enable more thorough customer insights and quicker digital decisions. In order to increase distribution as trade finance assets increasingly become a class of investable assets, the platform’s automated distribution engine will be used.
HTS is now being implemented in more markets around the HSBC network after the core platform was developed and put into use in the UK and Hong Kong.
BUSINESS ADOPTION OF EMERGING ELECTRONIC PAYMENT TOOLS IS ON THE RISE, AITE-NOVARICA/BNY MELLON REPORT SHOWS
BNY Mellon, in collaboration with Aite-Novarica Group, today released a study examining commercial payment trends, finding that businesses are embracing a range of emerging digital tools such as real-time payments (RTP) and digital wallets.
Significant geographical disparities in channel usage were also discovered by the survey. With the upcoming implementation of the FedNow service and the RTP® network in the United States, as well as the SEPA Credit Transfer Instant and Faster Payments services in Europe and the United Kingdom, more people are anticipated to start using instant payments.
Cryptocurrencies, which are predicted to revolutionize payments, are expected to rise mostly among current users. Although they are an integral part of the workflows of many firms, particularly those in the US, cash and checks are being used less frequently on a net basis.
Key findings of the survey include:
• In North America, Europe and the U.K., digital wallets are expected to see the most growth in the next 12 months.
• Among non-users of cryptocurrencies, only 7% of European businesses and 10% of North American businesses intend to utilize them in the near term.
• 67% of European corporations surveyed are using instant payments, compared to 46% of corporates in North America.
• 86% of European and U.K. non-users of instant payments note that they have some level of interest in using the transaction method in the next 12-24 months, with 68% of non-users in North America in the same camp.
• 76% of North American businesses have used checks in the last 12 months, compared to 61% in Europe.
“These study findings show that companies currently embracing emerging payment technologies are already reaping the benefits, while those slower to adopt them need more support to make the switch,”
“That is why we are positioning ourselves as the gateway for businesses to access all possible payment solutions as quickly and easily as possible.”
Carl Slabicki, Co-Head of Global Payments within Treasury Services at BNY Mellon.
“The report paints a picture of a payments landscape that is complex and incredibly varied from region to region,”
“No single payment method is emerging as the preferred solution and that fragmentation is likely to continue for some time before we see any consolidation in payment types.”
Gilles Ubaghs, author of the study at Aite-Novarica Group.
The report’s conclusions are based on feedback from 790 workers at major and mid-sized companies across seven North American and European nations.
PwC RANKED UP GLOBAL REVENUE OF $50.3 BILLION IN 2022
PwC brought in $50.3 billion in global revenue for the year ending June 30, up 13.4% in local currency terms and 11.4% in U.S. dollars, the firm said on Oct. 4. Last year PwC achieved revenue of $45.3 billion globally.
“In a year of rapid change and numerous challenges globally, our talented people used their broad and diverse range of capabilities to support our clients and stakeholders and to make positive contributions to society. The results we achieved in FY22 are a direct outcome of our strategy, The New Equation, which we launched in June 2021. Its impact is apparent in our financial performance,”
“For the first time, PwC firms across the world earned gross annual revenues of more than $50 billion. During a difficult year for the global economy, we achieved growth in all businesses while also repositioning our portfolio including 17 acquisitions and the disposal of our Global Mobility & Immigration business.”
PwC Global Chairman Bob Moritz.
With Monday’s earnings announcement, PwC remains the world’s second-largest accounting firm by revenue, behind Deloitte, which had $59.3 billion in revenue in fiscal 2022 and ahead of EY, with revenue of $45.4 billion in the fiscal year 2022. The newest company in the Big Four, KPMG, will announce 2022 revenue in December.
PwC’s revenue in the Americas region posted revenue growth of 16% year-over-year, following flat results for fiscal 2021. The U.S. grew 17%, and the company saved the idea. Sales growth in South and Central America was strongest in Brazil, with a 21% increase. Revenue in the Asia-Pacific region grew 14%, with Korea up 23% year-over-year, India up 21%, China at 13%, and Australia up 17%.
Sales in Europe, Middle East and Africa (EMEA) region increased 10%. In the UK and the Middle East, total revenue is up 12%, while in Germany it’s up 14% by 2022.
Among the company’s three main service industries, consulting saw the strongest revenue growth at 23.5%, driven by strong demand for technology-driven business transformation, both in enterprise and in specific business functions, such as finance, back office, and human resources. , according to PwC. This involves helping more customers move to a cloud environment. The company also noted that demand for a sustainable and tax-efficient supply chain transformation is high, due to widespread disruptions. Consulting revenue in 2022 is $20.7 billion, compared with $17 billion in 2021.
Insurance revenue grew 7.6% from $17.1 billion last year to $18 billion this year. PwC says the growth in its audit business is the result of managing complex market dynamics, such as increased auditor revenue, regulation and competition. The company notes that the need for assurance on a wide range of non-financial information will increase, such as disclosures about environmental, social and governance (ESG) factors. According to PwC, the company’s tax and legal services business revenue has grown from $11 billion in 2021 to $11.6 billion in 2022, driven by demand for compliance services. integrated procedures and managed services due to changes in the tax landscape.
Nearly 328,000 people work for PwC globally, and the company says it’s already ahead of its goal last year to hire 100,000 more (real) professionals by 2026.
MONEYGRAM ACQUIRES MINORITY STAKE IN UAE’S JINGLE PAY
MoneyGram International, Inc., a global leader in the evolution of digital P2P payments, and Jingle Pay, a financial super-app based in the United Arab Emirates (UAE), today announced a partnership to enable convenient and fast global money transfers through the Jingle Pay app. Consumers in the UAE can use the Jingle Pay app – powered by MoneyGram’s global payment rails and near real-time capabilities – to send money to over 200 countries and territories around the world.
Additionally, MoneyGram has disclosed that it has completed a minority investment in Jingle Pay, giving it a 12% equity position in the company. The chairman of MoneyGram, Alex Holmes, has joined the Jingle Pay Board of Directors to assist direct the company’s strategic future.
“As consumer preference increasingly shifts online, investing in digital startups around the world is a critical component of our strategy,”
“We’re excited to partner with Jingle Pay, as we believe in their strategic vision to improve the key elements of traditional banking through its suite of innovative digital offerings. As the startup continues to grow, MoneyGram’s direct ownership in the company will strengthen our leading position in the Middle East and further accelerate our strategic goals to lead the evolution of digital payments.”
Alex Holmes, chairman, MoneyGram.
The UAE, a center of international trade, is home to about 9 million expatriates, who make up about 89% of the total population and are a major source of remittances sent abroad. 1 Jingle Pay, which focuses on financial inclusion, specifically targets ex-pats in the area and gives them access to a wide range of readily available financial services, including its multi-currency card and money transfer services.
“Jingle Pay is the super-app transforming the daily financial lives of consumers seeking accessible, instant, and innovative money services,”
“Our partnership with MoneyGram extends our network of global remittance destinations and allows us to tap MoneyGram’s remittance clearing expertise. It gives our users global coverage and cost-effective rates. At Jingle Pay, we are committed to reinventing how people to store, spend and send money while furthering financial inclusion and low-cost remittance corridors.”
Amir Fardghassemi, Founder and CEO of Jingle Pay.
The Jingle Pay app is now live in the UAE.
ITAÚ SELECTS GENESIS GLOBAL FOR NEW TRADE AUTOMATION AND CLIENT PORTAL SYSTEM
Genesis Global, the low-code application development platform purpose-built for financial markets organizations, today announced that the Genesis platform will provide new trade automation and client portal system for Itaú Securities.
The Genesis solution will automate pre-trade workflows, minimizing data checks, trade input, order routing, and other administration needed of Ita Securities traders, and combine transaction and portfolio information, increasing the experience provided to clients of Ita Securities.
“Genesis has the expertise to understand our challenge and the technology to deliver an effective, modern solution,”
Marcelo Aagesen, Managing Director, Global Markets and Strategy at Itaú Securities.
“This partnership is part of our continued digital transformation and we expect the new system to improve the experience we offer our clients,”
Alberto Tani, Head Trader at Itaú Securities.
“The challenge at Itaú is the perfect environment for the Genesis platform,”
“We have the ability to quickly automate a range of proprietary workflows and integrate with multiple internal and external technologies to create a modern, high-performance system that will enhance how Itaú serves its clients and manages its trading operations.”
Stephen Murphy, co-founder and CEO of Genesis Global.
Genesis was chosen because of its extensive domain expertise in asset management, trading, and financial services. To create the new, entirely cloud-based system, Genesis will use an agile implementation method and make use of the platform’s numerous technical and business components. The Genesis platform’s components will make it easier to integrate Ita systems for credit, compliance, and documentation checks with order management systems (OMS), execution management systems (EMS), and order management systems (EMS).
INSURTECH LEMONADE LAUNCHES IN UK
Lemonade, the insurance company powered by AI and social impact, today launched in the United Kingdom. Residents across the UK can now get Lemonade Contents insurance instantly, from anywhere, on any device, as well as file claims and get paid in seconds.
Today’s launch follows Lemonade’s previous launches in France, Germany, and the Netherlands.
Founded in 2015, Lemonade launched the top renter insurance product in the United States in 2016, where it currently ranks among the top renters insurance products on the market. With today’s launch, Lemonade will bring an instant delicious experience to the people of the UK. Customers can get quotes, purchase content insurance, claim and get paid, all in seconds.
As a public good and certified by B-Corp, Lemonade has a social impact built right into its business model. Through its Giveback program, the company donates remaining premiums to nonprofits selected by customers that support causes like equality, climate, and poverty. UK residents can now protect their wealth with Defaqto’s 5-star rated Lemonade, from just £4 per month. Lemonade’s Content Coverage includes worldwide coverage of individual personal items up to £2,000 each, up to £100,000 total coverage and no cancellation fees. Additional coverage is also available for those who want additional protection against theft and accidental loss and damage to mobile devices, as well as expert help through protection. juridical.
“Insurance as we know it hails from the UK, as do I. So both professionally and personally bringing Lemonade to the UK is a homecoming of sorts,”
“We believe the millions of local renters will appreciate what Lemonade has to offer. After all, who doesn’t want instant, transparent, personalized, and mission-driven insurance?”
“Pairing Lemonade’s strengths with Aviva’s promises to deliver insurance that is digitally native, yet rooted in the birth of modern statistics in the 1700s. It’s the best of both worlds, giving people a refreshing experience backed by a company they’ve known and trusted for years,”
Daniel Schreiber, Lemonade co-CEO and co-founder.
Lemonade is entering the UK market in a long-term, strategic partnership with leading UK insurer, Aviva.
“We’re excited to be appointed as the long-term partner for Lemonade in the UK. We share a common outlook for how digital, AI and data can transform customer experiences, and the role insurers can play in building stronger communities,”
“By joining forces we can ensure compelling propositions reach a broader range of customers, including renters, an under-served yet growing segment of the UK insurance market. In our 325-year history, we have adapted and thrived in a changing world and our partnership with Lemonade is a marker of our intent to continue just this.”
Adam Winslow, CEO of Aviva UK & Ireland General Insurance.
Lemonade Insurance NV is regulated by the Financial Conduct Authority (FCA) and subject to limited regulation by the Prudential Regulatory Authority (PRA) in the UK.
BLACKSTONE ANNOUNCES COMMITMENT TO 2,000 REFUGEE HIRES ACROSS GLOBAL PORTFOLIO COMPANIES AND REAL ESTATE PROPERTIES
Blackstone announced a commitment to 2,000 refugee hires across its global portfolio companies and at its real estate properties, including 1,500 refugees in the United States alone, by the end of 2025. As part of the announcement, Blackstone is joining Tent, a non-profit network of major companies committed to supporting refugees worldwide. To date, Blackstone’s portfolio companies and real estate properties have hired nearly 500 refugees from around the world, including Afghanistan, Ukraine, El Salvador and Guatemala. Additionally, Blackstone has joined the Welcome.US CEO Council, an effort to accelerate and scale private sector support for refugees from Afghanistan and Ukraine.
With more than 250 portfolio companies and over 12,000 real estate properties, Blackstone has used its power of scale to grow its veteran recruitment initiative, through which more than 100,000 veterans US soldiers, veteran spouses and carers were employed in his portfolio. Blackstone believes this new partnership with Tent will have a positive impact on the lives of those who have fled war, violence, conflict or persecution and have crossed international borders in search of salvation. safe in another country. Blackstone will continue to work with its portfolio companies, third-party asset managers and venture partners to support refugee employment efforts.
“Blackstone’s advantage lies in our deeply integrated approach to building resilient companies and properties, and doing so at scale,”
“Today’s commitment to 2,000 refugee hires across our portfolio reflects the tremendous focus on this effort from our team and allows our portfolio companies and real estate properties to welcome a powerful spectrum of backgrounds, identities and experiences.”
Kathleen McCarthy, Global Co-Head of Blackstone Real Estate and Welcome.US CEO Council Member.
Blackstone intends to work with organizations that specialize in refugee resettlement, including the Tent as well as state and local resettlement agencies, to ensure that everyone is involved in the effort. job seekers for refugees all have the tools and resources needed to hire, promote, and train these new employees.
“At Blackstone, we believe diverse teams make stronger companies. Our unique platform has already supported nearly 500 jobs for refugees globally, bringing valuable talent into our portfolio’s workforces. We are proud to announce this commitment and will work hand in hand with on-the-ground teams at our portfolio companies and properties,”
Stephen A. Schwarzman, Chairman and Chief Executive Officer.
“The American business community is showing incredible leadership, and I am so proud of the companies standing up for refugees today,”
“These companies will benefit from welcoming these hard-working, loyal, and resilient individuals – but my hope is that this is only the beginning. As refugee crises start to fade from the headlines, I hope that companies will recognize that hiring refugees is not only the right thing to do but also the smart thing to do.”
Hamdi Ulukaya, CEO of Chobani and founder of Tent.
Blackstone’s hiring programs for refugees and veterans are a part of the company’s larger portfolio of hiring programs. Career pathways, a flagship initiative of Blackstone, was created to promote economic mobility and aid ongoing diversity initiatives within Blackstone portfolio firms. The program’s objective is to promote employment opportunities and career mobility for members of diverse and historically underrepresented populations by systematically removing existing hiring barriers. Putting in place programs to support their recruitment and professional growth gives them fulfilling careers and expands, more durable talent pools for businesses around the world.
SQUARE LAUNCHES TAP TO PAY ON IPHONE FOR US SELLERS
Square launched Tap to Pay on iPhone to its millions of sellers across the U.S. Available within the Square Point of Sale iOS app, Tap to Pay on iPhone lets sellers of all sizes accept contactless payments directly from their iPhone, with no additional hardware required and at no additional cost to the seller.
With Tap to Pay on iPhone, Square offers a solution to make it easier for new merchants and established businesses to conduct direct commerce. Any Square merchant with a compatible iPhone can accept contactless payments by simply opening the Square POS app, recording the sale, and presenting their iPhone to the buyer. Buyers make payments by tapping a contactless payment method such as Apple Pay, another digital wallet, or a contactless credit or debit card. Tap to pay on iPhone uses built-in iPhone features to ensure the privacy and security of company and customer data. When a payment is processed, Apple does not store the card number on the device or on Apple’s servers.
The public launch follows Square’s Early Access Program for Tap to Pay on iPhone, which began in June. Over the course of the program, a wide range of sellers found new value in the ability to seamlessly and securely conduct business with no additional hardware:
- Mobile professionals like contractors and caterers gained the ability to securely take contactless payments onsite at their project location.
- Retailers found new efficiency through line busting and the convenience of helping shoppers complete their purchases wherever they are in the store.
- Hairstylists and beauty professionals benefited from the speed and ease of enabling customers to pay for their services right from their chairs.
“Deploying Tap to Pay on iPhone has really enhanced the retail experience we’re able to provide our shoppers, in multiple ways,”
“Our young customer base would rather use their digital wallets or contactless cards, and rolling out Tap to Pay on iPhone has helped us meet our shoppers’ preferences with a convenient solution that also brings an air of sophistication to the buying experience. What’s more, given our store’s large footprint, we’ve been able to speed up purchases by bringing the checkout process to wherever our shoppers are.”
Franco Salerno, owner of Warrington, Pennsylvania-based Darianna Bridal & Tuxedo and an Early Access Program participant.
With Tap to Pay on the iPhone, merchants now have a mobile solution that is adaptable to any setting and meets changing customer expectations for contactless payments. Tap to Pay on the iPhone is powered by Square’s beautiful, user-friendly software. Customers gain from Square’s software as well since it delivers a simple, streamlined checkout process that gives them all the information they need to confidently finish their transactions.
“As commerce continues to rapidly evolve and contactless adoption in the U.S. continues to grow, Square is focused on ensuring sellers of all types and sizes have the technology needed to delight their customers and never miss a sale,”
“Tap to Pay on iPhone offers a new level of accessibility for merchants to begin taking payments in minutes and processing transactions in seconds from anywhere in the store or on the go without the need for a separate payments device.”
David Talach, Head of Financial Services at Square.
The most recent addition to Square’s expanding collection of software-powered commerce solutions is Tap to Pay for iPhone, which offers new merchants a simple entry point into the company’s larger ecosystem of cutting-edge business offerings. Sellers may use a fully integrated technology stack that allows them to launch, manage, develop, or modify their businesses with just the Square POS app and a compatible iPhone.
Download the Square POS app on compatible devices to start utilizing Tap to Pay on iPhone right away for Square sellers and new merchants.