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PAYSKY LAUNCHES YALLA CARD AND NEW APP IN THE UAE
PaySky, a digital payment solutions provider launches Yalla Card and Super App in the United Arab Emirates, in partnership with its strategic partner Visa. The super app will offer a wide range of digital payment solutions to facilitate financial and non-financial services for the UAE residents, during the third quarter of the current year 2022.
PaySky is launching Yalla Super App and Yalla Card in the UAE in the wake of its notable success in the Egyptian market, and it will be offering distinct services, including “Yalla Money” which enables customers to send and receive money and make payments online and in-store, “Yalla Bills” which enables the users to pay for utilities, bills, and top-ups, “Yalla Mall” serves as an e-commerce platform and enables the users to buy and order different products online, “Yalla Gift Vouchers, which provides a smart gifting solution with electronic gift vouchers, “Yalla Investment”, provides the users with different investment options as purchasing gold and stock trading and “Yalla Offers,” which provides the users with discounts on an extensive list of affiliate merchants, restaurants, and brands.
The success of Yalla Super App in the Egyptian market since its launch in the first quarter of the current year was one of the main drivers of expansion in the UAE. In addition to the behavioral change of customers as a result of the pandemic and their preference to carry out most of their daily tasks remotely through digital solutions. As well as the tremendous efforts exerted by the UAE government to adopt, implement and promote digital solutions and support digital transformation in various domains.
“This expansion is based on extensive research done by the company to explore and satisfy the unmet needs of the UAE residents and corporates by providing them with different financial and non-financial services. This step came after the remarkable achievements of Yalla Super App and Yalla Card in Egypt, where the number of downloads exceeded 800,000 downloads in the first 100 days after its launch, with a total number of transactions exceeding 500,000 and a transaction volume exceeding half a billion EGP.”
“We believe in the importance of strategic partnerships between the service providers to develop the market and facilitate transactions and this is manifested in our strategic partnership with Visa, as making financial services simple, frictionless and seamless for the residents and corporates is the main aim for launching the application in the UAE. This serves as one step forward towards executing PaySky’s pursuit of market leadership & transforming financial services for individuals and businesses in the MEA region, and this market launch also acts as a platform for wider global expansions to ultimately achieve PaySky’s vision of serving 1 billion consumers and 1 million businesses with the best-of-breed digital financial services and solutions.”
Dr. Waleed Sadek, Founder, and CEO of PaySky.
OTT PAY BRINGS ADVANCED FINTECH SOLUTIONS TO CANADIAN CAMPUSES
International students at the University of Toronto can now make purchases in campus bookstores more easily by paying in foreign currency.
The University of Toronto (UofT) Bookstore and leading payment service provider, OTT Pay, recently announced the launch of online payment options for students to pay in Chinese yuan, broadening a partnership to streamline campus shopping.
OTT Pay is a leading FinTech company in Canada providing secure, fast, and convenient payment aggregator services that enable merchants to accept various payment methods to meet the customer needs.
OTT Pay has partnered with the UofT Bookstore by installing POS terminals in all four Greater Toronto Area locations. While the UofT Bookstore has accepted Chinese digital payment methods in-store for several years, OTT Pay has broken new ground by integrating with an industry-leading ERP to establish a seamless online payment system. This new infrastructure will greatly benefit the university community, helping to serve better the diverse payment needs of international teachers and students.
Both in-store and online payment services enable students and merchants to complete transactions using Chinese payment apps, thereby avoiding lengthy cross-border settlement delays and lowering foreign exchange costs. In addition to payment processing, OTT Pay provides schools and educational institutions with value-added solutions in helping them easily expand services and improve customer experiences.
“The launch of the online payment option will offer greater convenience to students to purchase books, school supplies, and apparel at campus bookstores,”
“OTT Pay’s all-in-one payment solution offers students and merchants more convenient payment options facilitating transactions for both students and merchants alike.”
Sam Wang, Vice President of OTT Pay.
OTT Pay’s mission is to build an ecosystem connecting consumers and businesses globally for more opportunities. OTT Pay is a member of the OTT Group of Companies, a diversified financial services group that has been delivering trusted financial services since 2006. The Group provides services in securities distribution, investment brokerage, asset management, and global settlement, in addition to payment services.
LOKYATA ANNOUNCES SYSTEMS INTEGRATION WITH INFINITY SOFTWARE
Lokyata, a company focused on delivering products that digitize, automate, and scale lenders’ credit decisions, announced that its real-time, automated credit decisioning tool, BankAnalyze, is now integrated with Infinity Software’s loan management software platform.
Infinity Software has been providing software solutions to direct-to-consumer lenders for 20 years and has enabled over 700 businesses to centralize their lending operations through a single platform. Infinity offers website design, optimized loan agreements, automated underwriting waterfalls, precise localization, and a variety of consumer loan products. Its configurable loan product engine further helps customers maximize revenues through advanced accounting and reporting, a built-in collections suite, and theft-deterring access controls.
Through the application programming interface API-enabled integration with Lokyata, Infinity Software customers will gain access to additional, valuable loan decisioning data and information, including customer-permission bank statement analysis such as Average Monthly Net Income; Minimum Balance; Average Monthly Loan Payments; and Insufficient Funds (NSF) notifications. Additionally, lenders will be able to easily configure auto-fund and auto-deny rules, further streamlining the loan decision process.
“Infinity has worked with hundreds of vendors to meet the needs of lenders in our space,”
“Lokyata has proven to have a unique product that helps lenders better meet the needs of underserved borrowers and grow their business in a responsible and innovative way.”
Shannon Lee, Director of Products at Infinity.
“At Lokyata, we are always looking to work with innovators in the market and Infinity Software is demonstrating the value of scalable, modern technology in an evolving lending ecosystem,”
“Increasingly, lenders are looking for ways to responsibly help more consumers gain access to credit, and through tools like BankAnalyze and Infinity Software’s platform, more lenders are successfully meeting that goal.”
Steve Bireley, CTO at Lokyata.
TRANSUNION HELPS MILLIONS CHECK CREDIT HEALTH WITH LLOYDS BANK
TransUnion, a global information and insights company, is empowering customers of Lloyds Bank to look after their credit health with free access to their TransUnion credit score via an interactive dashboard.
The Lloyds Bank ‘Your Credit Score’ service, which uses TransUnion’s Consumer Platform, is filling a clear demand – with almost one million of the bank’s customers checking their credit score for the first time in April.
“It’s really encouraging to see people engaging more with their credit information. More than one in three UK consumers now check their credit report and score at least once a month, according to our latest research, and the success of Lloyds Bank’s Your Credit Score service is testament to that,”
“We’re seeing a much better level of understanding in terms of how this information is used, thanks to tools like Your Credit Score, which enables customers of Lloyds Bank to access their TransUnion credit score for free. It also helps them take steps to build their credit score if need be, improving access to finance. That’s really important in the current climate with the rising cost of living.”
Kelli Fielding, managing director of consumer interactive at TransUnion in the UK.
The research, conducted for TransUnion’s Consumer Credit 2022 white paper, also showed that a quarter of UK adults believe that banks should be responsible for credit education, while nearly a third (31%) say their bank is their most trusted source of information when it comes to financial management.
According to TransUnion, people who keep a close eye on their credit score generally see an improvement over six months.
The Your Credit Score tool, which updates every 28 days within online or mobile banking, provides a range of information related to a customer’s creditworthiness including:
- The customer’s current credit score and a rating from ‘needs work’ to ‘excellent’
- Personalized information on what is affecting the score
- How their score may affect any borrowing applications
- How the score has changed over time
- Information on where to go for support and guidance with any money worries or financial difficulties, including free and independent advice
“We saw a 432% monthly increase in customers using our credit score service in April this year. This exceeded our expectations and highlights the focus people are putting on their personal finances. More than ever, people across the country are taking a closer look at their financial situation and by partnering with TransUnion we’re providing easy-to-access information that can empower people to make the right decisions for them.”
Elyn Corfield, managing director of consumer finance at Lloyds Bank.
HOKODO ANNOUNCES A $40M EQUITY INVESTMENT IN SERIES B FUNDING ROUND
Hokodo has announced a successful Series B funding round, securing $40 million in equity less than a year after their Series A fundraise. The funding, which comes from a significant debt raise earlier this year, will power the digital trade credit provider’s expansion into new European markets and the development of new products.
Led by Notion Capital, which participated in Hokodo’s Series A, further investment came from continental European investors Korelya Capital (FR), Mundi Ventures (ES), and Opera Tech Ventures (FR), reflecting the enthusiasm for Hokodo’s product in a variety of markets. Additional funding came from existing investors, including Anthemis and Mosaic Ventures.
“We’ve been following Hokodo since the beginning and made an initial investment as part of their Series A. We’re delighted to lead their Series B and double down on our support of Hokodo,”
“There’s a lot of excitement around B2B BNPL at the moment, and rightly so because the B2B Ecommerce market is twice as large as B2C. We concluded that the capability and maturity gap between Hokodo and its competitors is enormous. Not only are they the only provider to offer pan-European coverage, but they’re the only one owning the end-to-end value chain. As a result, Hokodo is the only firm able to deliver a cutting-edge purchasing experience across the continent.”
Patrick Norris, General Partner at Notion Capital.
“We’re the only BNPL provider that meets all requirements of B2B merchants, including credit scoring, fraud detection, payments, collections, financing, and credit insurance,”
“We don’t rely on any third party to make credit decisions as we can do it much quicker in-house. This means we can accept more buyers at a faster rate, which our merchant partners love.”
Richard Thornton, co-founder, and co-CEO at Hokodo.
Hokodo’s solutions are underwritten by SCOR Syndicate 2015, SCOR SE’s corporate syndicate at Lloyd’s of London, allowing FinTech to guarantee its merchants 100% of their payments, even when the buyer is unable to pay. The funding will also be used to develop new BNPL solutions for telesales and in-store purchases and see Hokodo venture into new verticals currently underserved by payments companies.
“The B2B purchasing experience has long lagged behind its B2C counterpart, and business customers are calling for higher quality services as online sales continue to gain ground in B2B. Hokodo provides merchants with a truly real-time credit solution at checkout, driving up conversion rates and enabling all parties to buy, sell and do more. Hokodo is currently the only pan-European Buy Now, Pay Later provider in B2B, and this funding will allow us to continue our international expansion to enable 1 million businesses to access a better way to pay by 2025.”
Louis Carbonnier, co-founder and co-CEO at Hokodo.
NIUM AND STELLAR DEVELOPMENT FOUNDATION PARTNER TO ENABLE PAYOUTS IN 190 COUNTRIES
Nium, the global platform for the modern money movement, and the Stellar Development Foundation (SDF), a non-profit organization that supports the development and growth of the open-source public blockchain Stellar, today announced a partnership to enable payouts to 190 countries.
Businesses can now facilitate fiat payouts to 190 countries on Stellar, a network purpose-built for fast and efficient payments. Stellar’s faster, more convenient approach to cross-border payouts improves upon the traditional correspondent banking system, accelerating the receipt of funds, reducing settlement risk, and removing pre-funding requirements.
“The scale at which Nium is able to offer cross-border payouts around the world is further enhanced by the speed with which we are able to deliver payments for businesses,”
“Our approach to modern money movement on Stellar innovates on legacy approaches well past their prime. It showcases both Nium’s global reach and real-time payment capabilities to a thriving network of business leaders and innovators.”
Joaquin Auyso, Head of Nium Crypto.
By launching an API connection that conforms to Stellar interoperability standards, Nium will be able to provide clients on the Stellar network with a suite of payment services that can scale as their global money movement needs to evolve and progress. In addition to its ability to send payments anywhere in the world, Nium offers enhanced real-time payment capabilities. With Nium, businesses are not required to build their own payment infrastructure. Instead, they can simply build their brand on top of an existing platform and leverage Nium’s regulatory licenses and authorizations in over 40 countries.
This integration is noteworthy for senders of cross-border payments, who can benefit from Nium connecting them to new markets, as well as for Stellar-connected wallets, which can leverage Nium’s fiat on/off ramps to expand into new countries. Nium’s integration with the Stellar network will allow companies to facilitate near-instant payouts without having to pre-fund their local treasuries.
“This integration truly drives home the value that blockchain-powered cross-border payment solutions bring to the current financial system,”
“At SDF, we are always working to fill up the map and connect the network to more of the globe. Together with Nium, we are thrilled to expand the reach of the Stellar network so significantly.”
Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation.
CREDIT KARMA MONEY ADDS CASHBACK REWARDS
Credit Karma Money™, a single destination within Credit Karma for spending1 and saving2, today announced the launch of cash back rewards, giving its more than 110 million members in the U.S. the chance to earn cash back when they spend money at certain merchants using their Credit Karma Visa® debit card.3
This experience, powered by Cardlytics’ cashback platform, gives Credit Karma members access to Cardlytics’ network of thousands of merchants, including major brands like Adidas and Shake Shack, as well as local small businesses across the U.S. This launch serves as Credit Karma Money’s latest move towards making financial services more inclusive, giving members the opportunity to earn cash back when they spend.
At launch, Credit Karma members who already have a Credit Karma Money Spend account will automatically be enrolled in the cashback program–there is no need to sign up. From there, members can effortlessly begin earning cash back when shopping with merchants within Cardlytics’ network of partner brands. Unlike other rewards programs, cash back with Credit Karma Money Spend offers real money, not points, and there are no payout minimums required. Any cash earned by members, no matter how small the amount, will be credited back to their Credit Karma Money Spend account and can be used as soon as it’s available.
“Cashback benefits and other such rewards have historically been reserved for credit cards. Specifically, those that are most often only obtained by consumers with prime credit,”
“That didn’t seem fair to us. That’s why we sought to deliver cash back rewards to our members for spending with retailers they already know and love. The best part? They’re able to earn cash back for spending money they already have, resulting in more money in Americans’ pockets.”
Poulomi Damany, SVP/GM of Credit Karma Money and Tax.
Members can earn cash back through automatic offers, which are earned when a member uses their Credit Karma Visa® debit card4 to make a purchase at any merchant within Cardlytics’ network. Purchases can be made both in-store and online, in most cases.
Cash back rewards are Credit Karma Money’s latest feature aimed at incentivizing consumers to spend within their means by giving them the chance to earn cash back for practicing good financial habits. This feature follows Credit Karma Money’s launch of Instant Karma5, a feature that randomly reimburses members for purchases made using their Spend account.
“Checking accounts are one of the oldest financial products on the market and yet, they’ve largely remained unchanged. In fact, most traditional checking accounts today don’t do much more than safely holding people’s money while charging unnecessary fees. We wish to change that,”
“We’ve built Credit Karma Money to do more for our members and that starts with helping them develop better financial habits and giving them ways to make their money go further. Cash back rewards from Credit Karma Money is the latest example of that.”
Satyen Motiani, Product Manager for Credit Karma Money.
Credit Karma is an independent third party and is not a bank. The Credit Karma platform facilitates the opening and managing of Spend and Save accounts offered through our bank partner MVB Bank, Inc., Member FDIC.
- Banking Services provided by MVB Bank, Inc., Member FDIC. Maximum balance and transfer limits apply per account.
- Maximum 6 withdrawals per monthly savings statement cycle.
- Restrictions may apply. Purchases are made with your Credit Karma Visa debit card only. Cash back amounts vary based on participating merchants and are subject to change. Cash back rewards may take up to 45 days to be deposited into your account.
- Credit Karma Visa® Debit Card issued by MVB Bank, Inc., Member FDIC, pursuant to a license from Visa U.S.A. Inc. Visa terms and conditions apply.
- For Instant Karma: NO PURCHASE NECESSARY. Sponsored by Credit Karma, LLC. Ends on the last day of the month. Entrants must be at least the age of majority & legal residents of 50 US or DC (except FL & NY residents are not eligible). Void where prohibited. To enter, use an applicable debit card or enter by mail to Credit Karma, LLC, P.O. Box 937 Pineville, NC 28134-0030.
- Early access to paycheck is compared to standard payroll electronic deposit and is dependent on and subject to the payor submitting payroll information to the bank before the release date. The payor may not submit a paycheck early.
ENFUCE SELECTS KONSENTUS VERIFY FOR OPEN BANKING
Enfuce, one of the fastest-growing fintechs in Europe, has chosen Konsentus Verify to protect its customers from unauthorized or fraudulent third parties gaining access to valuable account data and funds.
Enfuce provides a modern, flexible, scalable, open banking service that is both safe and compliant. Their embedded payment experience seamlessly delivers the features and products that their customers want within a safe and secure environment.
Konsentus Verify is an infrastructure platform enabling Financial Institutions to transact safely and securely within the open banking and open finance ecosystems. Verify checks a third party’s identity and regulatory status each time it attempts to access a Financial Institution’s open banking API. The information is sourced in real-time directly from the hundreds of databases and registers across the EEA and UK and passed back to the Financial Institution in real-time, through a single API, so informed risk management decisions can be made.
“Providing our customers with a fast and efficient PSD2 API which enables the secure exchange of data and funds is our primary focus. Embedding Konsentus Verify into our wider managed service offering will allow us to deliver on this promise to our customers.”
Niklas Apellund, Co-Founder & CTO at Enfuce.
“Enfuce is known for technical excellence and security standards. By seamlessly integrating their products into the customer experience flow without compromising on safety or speed, they are well-positioned to be at the forefront of open banking implementation across Europe.”
Mike Woods, the CEO, of Konsentus.
DTCC PARTNERS WITH SNOWFLAKE TO TRANSFORM FINANCIAL INDUSTRY DATA ECOSYSTEM
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that it is partnering with Snowflake, the Data Cloud company, to transform how data is accessed, shared and leveraged across a number of its services. Using the Snowflake Data Cloud, DTCC aims to further promote market transparency, reduce risk, and provide greater operational efficiency by leveraging Snowflake data and cloud technology.
As the financial services industry continues to modernize, there has been a focus on the need for better data access and how improved data analytics can drive strategic decision-making while reducing risk. finance and operations. Cloud technology has emerged as the ultimate way to deliver innovative services around data access and collaboration.
As part of this initiative, DTCC will leverage Snowflake technology to build applications that improve access to data and provide enhanced user experiences with interoperability and access control. higher. DTCC is exploring a number of new opportunities for these capabilities, including risk management, regulatory reporting for securities and derivatives financing transactions, and institutional post-trade processing.
“It is an exciting time to be in financial services, as technology advances at a rapid pace and introduces new capabilities to enhance how the industry operates,”
“We have been using Snowflake’s platform since 2018 and view their data applications as an integral part of DTCC’s modernization strategy. This strategic initiative will enable us to build upon our success and further transform the data ecosystem, unlocking new insights and supporting greater transparency to protect markets, increase efficiency, drive business and propel the industry forward.”
Lynn Bishop, Chief Information Officer at DTCC.
This endeavor deepens the connection we’ve built with Snowflake over the past few years. Most recently, DTCC and Snowflake worked together to make it easier for clients to use DTCC’s Kinetics data services. DTCC Kinetics offers market intelligence for many asset classes. Users of DTCC Kinetics can now access equity and fixed income data products through Snowflake Marketplace thanks to the Snowflake Data Cloud. In the upcoming months, DTCC will extend DTCC Kinetics capabilities on Snowflake Marketplace to more asset classes including ETFs, reference data, and corporate activities depending on client input and rising demand.
“DTCC is proud to be working with Snowflake to transform how DTCC Kinetics data is delivered to clients,”
“We look forward to building upon the success we’ve seen across equities and fixed income, and to expanding this capability to additional asset classes.”
Tim Lind, Managing Director of DTCC Data Services.
“DTCC has led with the vision for modernizing the financial services industry. As an early adopter of data in the cloud, DTCC is in a prime position to take advantage of Snowflake’s platform and Native Application Framework to fundamentally alter the way in which financial markets access and use data,”
“Snowflake has been core to several DTCC modernization initiatives and we look forward to this partnership to drive deeper insights for their clients.”
Christian Kleinerman, Senior Vice President of Product, Snowflake.
SWIFT PARTNERS WITH CHAINLINK ON A CROSS-CHAIN INTEROPERABILITY PROTOCOL
SWIFT, the interbank messaging system that allows for cross-border payments, is working with Chainlink, a provider of price feeds and other data to blockchains, on a cross-chain interoperability protocol (CCIP) in an initial proof-of-concept.
The interbank network will be able to interact across all blockchain systems thanks to CCIP, which will make it possible for SWIFT messages to specify on-chain token transfers.
According to Chainlink co-founder Sergey Nazarov, this will speed up the adoption of DLT blockchains and be advantageous to several institutions throughout the capital markets. Nazarov made this statement on Wednesday at the SmartCon 2022 conference in New York City.
“One of the reasons working with Chainlink on CCIP has been successful is that there is “undeniable interest” in crypto from institutional investors. Traditional finance (TradFi) players want access to various digital and traditional assets on one network that can connect different types of asset classes”
“The partnership between Chainlink and SWIFT in cross-chain interoperability will help bridge the gap between traditional and digital assets for TradFi institutions, he added. Chainlink’s native token is LINK.”
SWIFT’s Strategy Director Jonathan Ehrenfeld Solé.
Interoperability has become more in demand in recent months as TradFi investors who are investing in digital assets as well as crypto natives look for the next big thing.
On September 22, the cryptography network Lit Protocol announced that it had raised $13 million in Series A financing, which was led by the cryptocurrency investment company 1kx, to employ programmers who would provide decentralized ownership and interoperability amongst protocols. In the meantime, in August, a number of Solana-based initiatives banded together to launch the Open Chat Alliance, an open chat system.
The improvement of information flow between participants and systems that interact during the lifecycle of tokenized assets was the focus of a series of experiments SWIFT announced last year that will be conducted in the first quarter of 2022.
PREZENT ANNOUNCES ZOOM VENTURES AS LATEST INVESTOR TO HELP POWER PRESENTATION PRODUCTIVITY FOR THE ENTERPRISE
Prezent, the AI-powered presentation productivity platform for enterprise teams, announced that it has added Zoom Ventures as an investor. This comes after the $20 million raised in a Series A funding round in April 2022 and the $4.3 million raised in seed capital in August 2021.
“As an immigrant and engineer working in corporate America, I have found that great business storytelling is essential to making your ideas come to life and growing your career. Yet, millions of busy business professionals in Fortune 2000 companies don’t have the time, training, and resources to bring their ideas to life. Alternatives like management consulting and design agencies are expensive and inaccessible. That’s where Prezent comes in. The Prezent platform gives everyone a fair chance to bring their ideas to life,”
Rajat Mishra, Founder and CEO of Prezent.
The global investment arm of Zoom, Zoom Ventures, aims to advance international businesses that are compatible with Zoom’s core technology and surrounding markets while fostering innovation within the Zoom ecosystem. Companies seeking to pioneer hybrid workforce collaboration, disrupt the modern workforce, and provide extraordinary customer experiences are eligible for funding from Zoom Ventures.
“We are grateful for the partnership with the team at Prezent and are excited to align more deeply with them with our investment. Prezent’s disruptive platform and impressive growth demonstrate the tremendous value they deliver within the ecosystem,”
“Zoom’s platform has always centered on offering customers seamless, efficient, and secure collaboration and communication experiences through video communications, which is why we are excited to build a relationship with Prezent as they pursue the same objectives through presentation applications.”
Sanjay Rao, Head of Corporate Development and Zoom Ventures.
The enterprise business presentation process is automated by Prezent, which also employs machine learning algorithms to generate recommendations that are contextually aware. In order to boost efficiency, effectiveness, and compliance, the platform blends audience empathy, tribal knowledge, business narrative, and brand-approved designs, cutting down on traditional presentation development time by up to 70% and spending on design firms by up to 60%. Additionally, it has a gamified learning curriculum and best practice examples to assist users in making their presentations more effective.
“We are thrilled and honored to team up with Zoom. The expanded customer reach and integration of Prezent data intelligence will help us reimagine the business presentation experience for enterprise teams,”
“The Zoom Ventures investment will supercharge Prezent’s mission to democratize business communication in enterprise teams.”
Rajat Mishra, Founder and CEO of Prezent.
CHASE, DOORDASH AND MASTERCARD ANNOUNCE PARTNERSHIP TO LAUNCH CREDIT CARD
Chase, the largest co-brand card issuer in the U.S., and DoorDash, the local commerce platform, today announced plans to launch the first-ever DoorDash credit card, with Mastercard as the exclusive payments network for the new card. The DoorDash Rewards Mastercard will allow cardmembers to unlock benefits and earn rewards on purchases both on and off the DoorDash platform.
“Connecting people with the best of their neighbourhoods is core to our mission, and we’re excited to unlock even more of that value for customers with this first-of-its-kind credit card,”
“We are thrilled to deepen our relationship with Chase and continue building more everyday shoppable moments for consumers on and off the platform while empowering the local communities we serve.”
Usman Cheema, Senior Director of Global Partnerships at DoorDash.
“Chase and DoorDash have worked together since 2020 and we’re excited to provide exclusive benefits through their first-ever credit card,”
“The new card is designed for those who love the convenience and options DoorDash provides and want to earn more where they are spending, whether ordering from the broad range of categories available on DoorDash or spending in-person at a favourite neighbourhood store.”
Ed Olebe, President of Chase Co-Brand Cards.
The DoorDash Incentives Mastercard, a World Elite Mastercard®, will give consumers rewards and privileges, like free round-the-clock concierge service and access to Mastercard Priceless® Experiences, to offer even more value, variety, and convenience.
“Mastercard recognizes that today, people are seeking out financial products, technology and benefits that add more value to their everyday lives,”
“Chase and DoorDash share in this vision, and we’re delighted to extend our relationship to deliver a credit offering that meaningfully connects people to the businesses around them, while also providing a one-of-a-kind payments experience.”
Sherri Haymond, executive vice president, Digital Partnerships at Mastercard.
The current partnership between the three parties is strengthened by the new co-branded card. Since January 2020, Chase and DoorDash have collaborated to provide most Chase co-brand cardholders as well as Sapphire®, Freedom®, and Slate® cardholders with a variety of complimentary DashPass membership benefits. More customers are choosing DashPass, the industry’s top membership program, to have the finest of their neighbourhood delivered on DoorDash for less. In April 2021, Mastercard and DoorDash together launched the first card perks.
FINTECH STARTUP SIGNZY RAISES $26 MILLION IN SERIES B
Leading digital banking infrastructure enabler Signzy today said that it had raised INR 210 Crore (US$26 Million) from Gaja Capital and its existing investors, Vertex Ventures and Arkam Ventures, in its latest funding round.
The Bengaluru-based Fintech SaaS startup further stated that it would use the additional funds to improve its “No-code Workflow Digitalization” platform and solutions in order to increase platform acceptance across a global clientele of banking and financial services institutions.
Ankit Ratan, Ankur Pandey, and Arpit Ratan started Signzy in 2015. The business claimed that as banks and financial service providers around the world quicken their digital transformation journeys, adoption of its award-winning and patented No-code AI platform, GO, is significantly accelerating.’
“The financial services industry is undergoing a massive and multi-year digital transformation and we have only seen the tip of the iceberg so far. Signzy has seen strong adoption of its No-code product by financial services companies as they start on their once-in-a-lifetime digital transformation journey. The solution has been developed from the ground up to allow banks and financial services providers to roll out and offer fintech-like user experiences in a matter of days, not months or years. We are also thrilled that Gaja Capital has come on board in support of our vision, as we remain committed to providing world-class digital transformation experiences to a growing number of clients around the world. This investment will help us to drive adoption and build the product further to support this long-term vision.”
Ankit Ratan, CEO of Signzy.
For its ideas, Signzy has so far applied for eight US patents and nine Indian patents. Earlier this year, the business was awarded a US patent for banking in the metaverse. At the just-completed Global Fintech Fest in Mumbai, which was put on by the National Payments Corporation of India (NPCI), the Payment Council of India (PCI), and the Fintech Convergence Council, the company took home the Best KYC Solution award (FCC).
“The team at Signzy has really impressed us with their No-code digitalization platform for the financial services industry, which we believe is the first of its kind anywhere in the world and solves real pain points for their customers. Their technology has been enabling banks to undergo rapid transformation without changing the underlying legacy systems. Ankit, Arpit and Ankur have built a truly unique and world-class product out of India and we are glad to partner with them as they work towards greater market penetration and adoption of their platform in markets around the world.”
Gopal Jain, Managing Partner, Gaja Capital.
The International Financial Services Centers Authority (IFSCA) recently awarded Signzy an Authorization Certificate as its FinTech partner for a unified KYC Solution and digital client onboarding infrastructure. At the most recent launches of the National Stock Exchange International Financial Service Centre (IFSCA Official) SGX Connect & the India International Bullion Exchange IFSC Ltd., the company’s Global Digital Identity and Onboarding Platform were highlighted in the presence of Indian Prime Minister Shri Narendra Modi.
Signzy has received numerous honors recently for its technological advancements, including the Most Innovative RegTech Solution Award from the IAMAI, the ICT Startup Awards from ASSOCHAM, and the Technoviti Award 2020 for Video KYC, among others. Signzy has already received honors from regulatory organizations like the RBI and MAS Singapore.
FINTECHCASHIER IS ABOUT TO RELEASE A NEW BANKING BUSINESS MODEL “LITE LABEL” BANKING-AS-A-SERVICE
FintechCashier’s new banking business model and future services are promising. Yes, you heard right, FintechCashier is to release its first “Lite Label” Banking-As-A-Service subscription that allows it to manage the Merchants/ Affiliates/ Customers/ Acquirers and Prepaid issuing all from Backend solution.
FintechCashier has recovered from the entire COVID-19 pandemic and is now more resilient than ever. They now have access to this cutting-edge technology research and development stage thanks to the debut of their newest service. In response to an enormous rise in demand for BaaS services globally, the London-based FintechCashier proudly announces giving up the whole spectrum of digital banking possibilities to its customers via a major subscription model.
“The “Lite Label” Banking-As-A-Service delivers creative and innovative Fintech Solutions to our new clients of all sizes and industries to improve their business tremendously.”
Shalom Dodoun, CEO and Founder of FintechCashier.
Since the adoption of smartphones and mobile internet has grown significantly, there has never been more competition among the companies competing to provide the financial infrastructure that will be required in the future digital banking landscape. People are ravenous for streamlined, quick, and updated technological solutions. Brand loyalty has vanished, the market is competitive, and businesses are struggling.
Following these developments that resulted in the entry of a new participant into the digital banking market is FintechCashier. Our latest BaaS platform is cloud-based, modular, and fully integrated with the best financial services companies. BaaS users will have access to all the resources they need to provide services like the Onboarding Rules Engine and the basic money management technologies.
What exactly is Lite Label Banking As A Service?
Take advantage of:
- Fully branded solution
- Automated onboarding for their clients
- Usage of our Onboarding Rules Engine to analyze any corporate application submitted to the platform
- API Access
- Frontend design for corporate and Individual accounts
- Draft management for corporate accounts to manage their finances
- Processing enabled solutions for account top-up and merchant services
After years of operation and serving only direct clients, we have decided to open our platform to selected partners and allow them to enjoy the broad range of management tools and services and give them the ability to market the solutions to their clients. FintechCashier’s state-of-the-art system enables us to manage the onboarding process automatically and assign the best service provider to each potential client.
CAPCHASE PARTNERS WITH SASTRIFY TO OFFER ‘SAVE NOW, PAY LATER’ PROGRAM
Capchase, a leading provider of non-dilutive financing to SaaS companies, has announced a partnership with Sastrify, the global automated SaaS procurement platform, to offer a “Save Now, Pay Later” program to high-growth customers.
With the help of this program, Sastrify’s customers will be able to increase their runways while retaining flexible payment terms and reducing their SaaS and cloud expenditures by up to 30% in their yearly licenses.
Capchase finances SaaS subscriptions bought through Sastrify through “Save Now, Pay Later,” enabling businesses to take advantage of their annual or multi-year licenses at a significant discount while also deferring their payment to monthly or quarterly installments, avoiding a sizable upfront investment. Companies may invest in their growth while extending their runways with a low-risk financing solution thanks to Sastrify’s ROI-positive guarantee.
Companies like worldwide food delivery service Gorillas have saved over seven figures on their SaaS bills thanks to Sastrify.
Following a slew of recent announcements for Capchase, this alliance has been made. In addition to growing its platform with the introduction of Capchase Analytics and agreeing to collaborations with top financial infrastructure platforms Stripe and Ramp in the past two months, it obtained $400 million in debt financing in July. Already in 2022, Capchase inaugurated its new European headquarters in London and expanded to the Netherlands, Belgium, Finland, Sweden, and Denmark.
“Our partnership with Sastrify is an important part of our mission to help innovative SaaS companies grow by using our non-dilutive financing options.”
“Alternative finance has a vital role to play in offering fast and flexible financing solutions that can support businesses, especially during difficult economic times. By working with Sastrify, we will be able to help many companies significantly reduce their SaaS and cloud costs and pay for those products on their terms. Not only will this enable them to extend their runways, it will support the wider SaaS industry by providing these startups with more financial certainty.”
Miguel Fernandez, CEO and co-Founder, Capchase.
“The current economic climate requires that cost-savings and efficiency are top of mind for everyone. Our partnership with Capchase reflects our dedication to ensuring that companies save time and money on their SaaS, freeing them up to run their businesses and grow faster.”
Sven Lackinger, CEO and co-Founder, Sastrify’s.
FINASTRA AND VISA ANNOUNCE GLOBAL BAAS OFFERING INTEGRATING VISA DIRECT
Finastra and Visa announced a Banking as a Service (BaaS) collaboration to co-develop new functionality on its Payments Hub solutions and implement Visa Direct – which provides access to more than two billion accounts through push-to-account offerings. The new capability will give Finastra’s bank customers around the world access to cross-border payout capabilities for small- and medium-sized businesses, and individuals, in multiple currencies and countries.
“This BaaS partnership will allow banks to offer their customers greater choice in how to route cross-border payments, with banks essentially embedding Visa products,”
“We are excited to partner on this proposition with Visa as it provides a very attractive solution for banks seeking to help increase overall customer satisfaction and loyalty through a transparent and cost-effective digital payments option.”
Barry Rodrigues, EVP Payments Business Unit at Finastra.
In the current climate, implementing a specially designed cross-border payment system could be costly and time-consuming. Banks will be able to avoid these complications with an integration to the Visa network through Finastra’s FusionFabric.cloud open development platform thanks to the out-of-the-box processing capability offered by Finastra’s Payments Hub solutions, enabled by Visa Direct and available on-premises or in the cloud as SaaS. They will be able to provide their clients with transparent, quick, and affordable payments.
“Innovation in cross-border money movement is accelerating at an incredible pace and banks are under pressure to quickly implement and launch programs for their customers that stay ahead of their expectations,”
“We are excited to partner with Finastra to support the enablement of their bank customers worldwide with simple access to Visa Direct. Together, we are bringing benefits of our global network to thousands of banks globally, providing a wide range of new and existing case studies to clients.”
Ruben Salazar Genovez, SVP, Global Head of Visa Direct.