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DEFI TECHNOLOGIES WHOLLY-OWNED SUBSIDIARY VALOUR, SEBA BANK AND MVIS LAUNCH THE SEBA VALOUR METAVERSE INDEX
DeFI Technologies’ wholly-owned subsidiary Valour collaborated with SEBA Bank and MVIS to launch an investable index for tokens building for the Metaverse, SVMETA.
DeFi Technologies Inc., a technology company bridging the gap between traditional capital markets and decentralized finance, announced today that Valour Inc. (“Valour”), its wholly-owned subsidiary and a pioneer in digital asset exchange-traded products (“ETPs”), has partnered with SEBA Bank and MarketVector Indices (“MVIS”) to launch the SEBA VALOUR Metaverse Index (SVMETA).
The SVMETA index is an investable index for tokens building for the Metaverse that provides exposure to crypto-assets related to gaming, entertainment, and social interactions within the virtual and augmented reality world.
“The metaverse has incredible potential to change the way we interact with technology and the world around us, like how the internet altered that same intersection”, “This product enables people to invest in that potential – taking part in the next big technological revolution.”
Tommy Fransson, CEO at Valour.
SVMETA is a rules-based index that covers the CCCAGG pricing and is calculated in USD as a price index. The index is reviewed on a monthly basis. Detailed information about the index, including methodology details and index data.
“The Metaverse is the next iteration of the internet. It is a 3D virtual world that will allow users to interact with their environments and other Metaverse users. Apart from its massive entertainment potential, the Metaverse is expected to create its own ecosystem of commercial avatars, thereby creating incredible investment opportunities”, “The SEBAV Metaverse Index engineered by SEBA Bank in collaboration with MVIS and Valour provides exposure to digital assets designed to capture the accelerating trends of gaming, entertainment and social interactions shifting into virtual environments. SEBA V constituents include tokens with exposure to the Metaverse which are selected based on their market capitalization and liquidity,”
Gregory Mall, Head Investment Solutions at SEBA Bank.
With this latest development, DeFi Technologies is further advancing its mission of integrating the foundational assets of the new digital economy into legacy financial institutions. Through Valour, DeFi Technologies offers 27 unique ETPs based on 8 of the highest performing DeFi tokens. These ETPs include Bitcoin Zero and Ethereum Zero, the only zero-fee synthetic crypto ETPs currently traded in Europe.
SOUTH AFRICA’S HELLO PAY LAUNCHES NEW MPOS DEVICE
Mobile point-of-sale solutions (mPOS) are no longer ‘alternative’ payment solutions – even small vendors who aren’t using this technology will soon lose out if they don’t adapt. The market is expected to achieve a compound annual growth rate of almost 20 percent between 2021 and 2027, with many merchants not only adding these solutions to their business but even replacing their traditional POS systems with mobile terminals.
Local fintech company Hello Pay’s new high-end Android mPOS device is perfectly positioned to help merchants, from small traders to SMEs, be a part of tomorrow’s business landscape today.
Safer, smarter, cheaper
Even in a country like South Africa, where cash is still the payment method of choice for most, merchants who don’t adopt mPOS solutions soon will get left behind, says Zunaid Miya, Managing Director of Hello Pay.
“In one 2020 survey, 87 percent of retailers agreed that mobile payments provide a seamless and frictionless checkout experience that can improve cash flow. And 89 percent of respondents also said that the biggest benefit to using mPOS is its cost-effectiveness. This is often surprising to entrepreneurs and SMEs, for whom traditional POS systems are costly and out of their reach. “The misconception prevails that trading in cash is cheaper and more convenient, but that’s not the case.”
Zunaid Miya, Managing Director of Hello Pay.
According to the Payments Association of South Africa (PASA), businesses often do not account for all the costs associated with accepting cash payments, including the risk of theft, leakages, infrastructure costs for safes and tellers, and the costs associated with depositing this cash. These indirect fees make the true cost of cash for small businesses approximately 3.4 percent. Not to mention the inconvenience and risk of transporting and depositing cash. This risk is eliminated with mPOS systems.
Consumers, too, operate under this misconception. The same PASA report says cash costs the average SA consumer 2.4 percent of their gross income, and this burden rises to 4.1 percent for lower-income South Africans. Hello, Pay is committed to helping lift this strain on businesses and consumers through its offering.
“Hello Pay champions a commitment to real and meaningful financial inclusion for SMEs by offering services that are low cost, easily accessible, and simple to use. Digital solutions like mPOS systems have the potential to level the playing field. Small businesses can control costs and manage cash flow more effectively, and benefit from a host of other services they traditionally wouldn’t have access to.”
Zunaid Miya, Managing Director of Hello Pay.
All-in-one solution
“The new device will have more capabilities than the company’s other offerings, with additional digital services.” “The 4G-enabled device with its dual SIM will allow merchants to sell digital services, airtime, and electricity, as well as providing Hello Paisa’s financial services products including remittances and insurance. They can also purchase business services through our platform and submit loan requests on the device – to name but a few functions.”
Zunaid Miya, Managing Director of Hello Pay.
This will appeal to a broad segment of the market, creating a cashless digital ecosystem for SMEs to truly thrive.
“Such intelligent digital solutions, once only accessible to large enterprises, are now within reach for entrepreneurs and SMEs. The convenience, time savings, and cash flow advantages will allow entrepreneurs to focus on what truly matters – growing their business,”
Zunaid Miya, Managing Director of Hello Pay.
CO-OPERATORS LAUNCHES ENHANCED CYBER-INSURANCE COVERAGE FOR BUSINESSES
Canadian insurer the Co-operators has revamped its cyber insurance offers for business policyholders.
The co-operative group says the product will protect business owners from unexpected expenses and/or costs of complying with privacy laws if their confidential information is compromised, and lost income or increased operating costs due to a privacy breach.
Cyber Guard Select, offered as an upgrade to the standard Cyber Guard coverage, will provide higher limits, liability protection against third-party claims and regulatory penalties, and nine flexible add-ons to address business risks, including crisis management, payment card loss, and cyber extortion threat coverage.
“Responding to the unique needs of our clients is central to our holistic approach and that compelled us to deliver a solution that addressed the complex and unpredictable nature of today’s digital security threats,”
“Canadian businesses have to be vigilant in defending their companies from any number of vulnerabilities and Cyber Guard Select empowers them with flexible options to meet that objective,”
Michael Spadafora, AVP National Product Portfolio, Commercial & Farm Management at Co-operators.
PAYSAFE OFFERS REAL-TIME CUSTOMER PAYOUTS FOR MERCHANTS WITH VISA
Paysafe, a leading specialized payments platform, announces the extension of its collaboration with Visa to integrate Visa Direct, Visa’s real-time2 push payments platform. Especially suited to industries where speed of settlement is key, such as cryptocurrency or FX trading and iGaming among many others, Paysafe will offer Visa Direct to merchants, exchanges, operators, and other online businesses in the UK and Europe.
Using Visa Direct for fast push payments, merchants can gain tighter control of their cash flow. Paysafe customers who use Visa Direct can opt to receive their payments within minutes, giving them quicker, easier access to funds, so they can make spending decisions faster and with more flexibility.
The new integration allows merchants to access the Visa Direct service through Paysafe’s single point of connection, to enable push payments to eligible Visa cards for domestic payouts, and to eligible Visa cards and accounts for cross-border payments.
“In some of the sectors, we operate in, such as cryptocurrency or iGaming, speed of settlement is central to business success due to the rate at which the industry is moving. It is in these specialized industries that, now more than ever, an effective approach to payments can provide a competitive advantage, and steps such as this are likely to help to propel the more emerging industries into the mainstream. We’re therefore delighted to offer Visa Direct as part of our portfolio to enable rapid customer payouts underpinned by a secure and trusted brand like Visa.”
Paulette Rowe, CEO of Integrated and Ecommerce Solutions at Paysafe.
“At Visa, we’re focused on reimagining how money moves around the world. Through this collaboration with Paysafe, we’re excited to bring a more streamlined customer journey and real-time3 transfer capabilities to more businesses in the UK and Europe.”
Nicky Alexander, Head of Visa Direct, Europe, at Visa.
FISERV AND THE CLEARING HOUSE EXPAND ACCESS TO REAL-TIME PAYMENTS
Thousands of financial institutions will be able to simplify and accelerate the enablement of real-time payments for consumers and businesses as the result of a collaboration between The Clearing House and Fiserv, Inc., a leading global provider of financial services technology solutions. Fiserv financial institution clients will be able to access The Clearing House RTP network and support a broad range of consumer and commercial payment services via NOW Gateway from Fiserv.
NOW Gateway acts as an adaptable access point for financial institutions that want to support real-time payment options in a rapidly changing market. Through a single integration to NOW Gateway, financial institutions can offer their customers access to a broad range of current and emerging real-time payment services including Zelle person-to-person payments, payouts for gig economy work or insurance claims, and interbank account transfers, and real-time bill payments. The NOW Gateway connection to the RTP network will enable financial institutions to send and receive real-time payments over the RTP network, which connects to over 60% of bank accounts in the U.S., on behalf of their customers.
“The demand for real-time payments continues to accelerate, as evidenced by the consistent double-digit year-over-year growth we see in real-time P2P payments at Fiserv,”
“To remain competitive, financial institutions must offer real-time payment capabilities. That’s why we are committed to making real-time implementation easier for any financial institution, from a regional bank to a community bank, to a credit union. Our work with The Clearing House to integrate the RTP network with our NOW Gateway is the latest advancement towards this goal.”
Matthew Wilcox, president of Digital Payments and Data Aggregation at Fiserv.
“The RTP network has seen substantial recent growth, and we will continue to expand the power of real-time payments with Fiserv,”
“The connection of Fiserv to the RTP network can provide financial institutions with an accessible real-time payment offering that will deliver significant benefits to their customers and provide a competitive advantage.”
Russ Waterhouse, executive vp of Product & Strategy at The Clearing House.
Broadly enabling financial institutions to deploy real-time payments can help forge stronger bonds of trust and utility with customers, particularly when it comes to helping them send and receive money in an emergency, avoid late fees, or avert service termination. Through The Clearing House and Fiserv, financial institutions can open the door to a full suite of essential real-time payment capabilities.
In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life.
SOFTPAY.IO PARTNERS WITH AMADIS FOR TAP-TO-PAY ROLLOUT
Amadis, a leading payment software and consulting provider, today announced a partnership agreement with Softpay.io to provide its Universal EMV Level 2 Framework & pre-certified Kernels for integration into Softpay’s new Tap-to-Pay service. Softpay’s revolutionary Tap-to-Pay service can be downloaded into any Android device and turned into a full payment card acceptance terminal. Softpay’s solution provides merchants with greater flexibility and future-proofing capabilities while lowering costs and creating new revenue opportunities.
The Amadis solution is a component of its Amadis One software framework composed of an EMV L2 Framework and ecosystem supporting any EMV Contactless Kernel. It enables Softpay’s service to seamlessly accept EMV payments on Android-based COTS devices with NFC capabilities, reduces the time for Softpay to roll out new products, and provides payment acceptance of any payment schemes, on its new mobile payments platform. Amadis One software framework is the first solution to enable Nexo (ISO 202022) standards on Tap-to-Pay platforms.
“Softpay’s solution helps us to transform the shopping experience, enabling our store associates to check out customers anywhere in-store, or curbside,”
“The solution drives new sales opportunities, and enables a more efficient, personalized customer experience.”
Thomas Grane, CIO, at Matas.
Softpay’s Tap-to-Pay is impacting several industries, including retailers and QSRs, which can operate more efficiently. Staff can accept payments, while multi-tasking anywhere in-store, or at curbside pickup locations. Transit companies can drive new points of sale by instantly offering and processing new and upgraded tickets, while passengers are on board trains and buses.
“Softpay’s Tap-to-Pay service provides innovative new experiences to retail, transportation, and the QSR industries, and our Amadis One software framework helps them bring products to market faster,”
“Amadis One commoditizes complex payment processes, freeing up resources for merchants to innovate, accelerating time to market and reducing costs, while enhancing the customer experience.”
Emmanuel Haydont, CEO and co-founder, of Amadis.
“By integrating Amadis One with our Tap-to-Pay solution, we enable merchants to revolutionize the customer experience while lowering their costs and providing greater flexibility,”
“By enabling tap-to-pay transactions on smartphones, merchant fees for card-present transactions are lowered, new customer points of interactions (POIs) are generated, creating innovative new ways to interact with customers while processing transactions.”
Craig Jacoby, CEO, of Softpay.io.
ELON MUSK SELLS $4 BILLION TESLA SHARES, SAYS NO MORE SALES PLANNED
The Tesla shares sale came after Elon Musk earlier this week clinched a deal to buy Twitter for $44 billion cash.
Elon Musk sold 4.4 million Tesla shares on Tuesday and Wednesday, according to the filings.
Tesla Inc Chief Executive Officer Elon Musk sold $4 billion worth of shares in of the electric vehicle maker, US securities filings showed on Thursday, in sales likely aimed at helping finance his planned purchase of Twitter Inc.
“No further TSLA sales planned after today.”
Elon Musk, CEO, Tesla Motor.
He sold 4.4 million shares on Tuesday and Wednesday, according to the filings, equating to 2.6% of his stake in the company.
The sale came after Musk on Monday clinched a deal to buy Twitter for $44 billion cash in a transaction that will shift control of the social media platform populated by millions of users and global leaders to the world’s richest person. Musk’s net worth is $268 billion, according to Forbes.
“We would provide a $21 billion equity commitment. he would pay more than $11 billion in taxes in 2021 due to his exercise of stock options set to expire this year.“
Elon Musk, CEO, Tesla Motor.
It is not clear how he will cover the remaining $17 billion of equity financing. Musk holds a 43.61% stake in unlisted rocket company SpaceX which is reportedly valued at $100 billion.
Musk has been looking for partners to reduce his equity contribution to the deal, a person familiar with the matter told Reuters, adding that it is far from certain such a partner will emerge.
This is his first Tesla stock sale since he offloaded $16.4 billion worth of shares in November and December after polling Twitter users about selling 10% of his stake in the electric car maker.
Some traders have fretted this week that Musk may not have enough money sitting around to fund his $21 billion cash contribution and could walk away from the deal, weighing on Twitter shares.
Tesla shares have fallen nearly 20% since Musk disclosed his over 9% stake in Twitter on April 4. Investors have expressed concern that Musk may have to sell Tesla shares to fund his equity contribution to the takeover offer.
As part of the Twitter deal, Musk also took out a $12.5 billion margin loan tied to his Tesla stock. He had already borrowed against around half of his Tesla shares.
TINK EXTENDS OPEN BANKING PAYMENTS TO FIVE NEW MARKETS
Tink, Europe’s leading open banking platform, has announced the expansion of its open banking payments services to five new markets across Europe.
Its Payment Initiation Services (PIS) product is now live in the Netherlands, Norway, Estonia, Finland, and Latvia. Tink operates in 18 markets in total across Europe, connecting to over 250 million bank customers.
Open banking payments, often called Pay by Bank, are a transfer of money from one bank account to another. The payment is initiated by Tink through an Application Programming Interface (API), but the user journey is completely embedded within the payment service provider (PSP) or merchant’s environment. The payment is authorized using the bank’s system, making it a secure, frictionless, and low-cost payment method.
Tink’s payments expansion to new markets reflects the rise in consumer demand for seamless digital experiences.
“We’re seeing a surge in consumers using open banking payments across Europe, because of the dramatically better user experience it offers. Tink’s payments technology makes it simple for consumers at checkout, allowing them to make payments quickly and seamlessly via the institution they trust the most – their bank. Open banking payments are secure, frictionless, and put businesses in control of the user experience. With our solution, merchants are discovering how their payment experience can be a source of competitive advantage.
“We aim to be the backbone of payments services providers across Europe, and the expansion of Tink’s payment services into these five new markets is a significant step towards achieving this goal.”
Tom Pope, head of payments and platforms at Tink
BANKIFI SECURES $4.8 MILLION INVESTMENT FOR NORTH AMERICAN EXPANSION
BankiFi, a leading provider of embedded banking solutions for small and medium businesses (SMBs), has secured $4.8 million for global expansion into North America. This strategic growth investment gives BankiFi the capital to provide its industry-leading embedded banking platform to more than two million SMBs across four continents by 2024.
BankiFi provides an open cash management platform and architecture that financial institutions embed into their current digital banking infrastructure to address the specific issues of their SMB portfolio. The investment is unique as all investors are existing shareholders, proving their confidence in BankiFi’s ability to help North American financial institutions benefit from its technology.
Technology investments have been slowing down this year, and to see our investors show such a strong commitment is a huge vote of confidence in BankiFi’s direction and growth, Our mission is to make all aspects of cash management and payments easier for SMBs everywhere, and this investment is another huge step to making that a reality.”
– Keith Riddle, CEO of BankiFi Americas.
This funding is led by Praetura Ventures, whose mission is to help companies reach their potential with both monetary and operational support.
BankiFi has proven to be an industry-leading open cash management provider in Europe, Australia, New Zealand, and other countries, Now that they have launched in North America, BankiFi has an opportunity for dramatic growth. We’re looking forward to continuing our partnership and seeing their solutions continue to transform bank channels, to support SMBs around the world.”
– David Foreman, managing director of Praetura Ventures.
MOTIVE PARTNERS COMPLETES SALE OF GLOBAL SHARES TO J.P. MORGAN
Motive Partners, a specialist private equity firm focused on growth equity and buyout investments in software and information services companies that serve the financial services industry has received the necessary regulatory approvals and completed the sale of Global Shares to J.P. Morgan. Motive invested in Global Shares in August 2018, acquiring a ~40% stake in the business.
Global Shares will now undertake its next chapter of expansion under new ownership as part of J.P. Morgan, having expanded to approximately $200 billion in assets under administration spanning over 800,000 corporate employee participants. As stated while signing the agreement,
J.P. Morgan, which will maintain its Clonakilty, Ireland headquarters following the acquisition, will attempt to integrate Global Shares into its Asset & Wealth Management line of business. Both Motive Industry Partner Andy Stewart and Motive Industry Partner Neil Cochrane will leave their positions on the board of directors as part of the closing.
“We are delighted with the growth and expansion of Global Shares, and the impact this business has had for its clients in recent years. I believe this to be a great example of Ireland’s exceptional financial technology talent and environment, and we’re grateful to Tim and the whole Global Shares team for their partnership. It has been a privilege to work with them and we look forward to the many future successes that lie ahead for the Global Shares team as part of J.P. Morgan”.
Andy Stewart, Industry Partner at Motive Partners and former Executive Chairman of Global Shares.
“I welcome the completion of the acquisition of Global Shares by J.P. Morgan. This is a stellar example of the Ireland Strategic Investment Fund, through its investment in Motive, helping to develop and grow an Irish business to secure this investment from a global player such as J.P. Morgan. I also welcome the fact that the company will retain its headquarters in Clonakilty during the next phase of its growth agenda, thereby providing future employment in financial technology in the region”.
Paschal Donohoe, Minister for Finance for Ireland.
WISE AND PLAID LAUNCH OPEN FINANCE AGREEMENT TO ENABLE SECURE FINANCIAL CONNECTIVITY
Plaid, the API-first data network powering the digital financial ecosystem, and Wise, the global technology business developing the easiest way to move money around the world, today announced an open finance agreement to give clients a frictionless way to move money between various financial institutions.
According to a 2021 survey by Plaid and The Harris Poll, fintech has become so integral to daily life that the majority of American consumers (69%) would think about switching institutions if their primary account could not connect to their preferred fintech apps and services. Wise and Plaid have joined up to provide millions of customers with the safe data access they require to lead financially healthy lifestyles in order to satisfy this growing demand.
The integration, which is built on Plaid’s sector-aligned open finance solution Core Exchange, enables Wise’s 13 million global clients to transfer money easily and securely between their own accounts. Customers can utilize Wise with thousands of Plaid-powered apps and services by simply connecting their Wise USD local account details to the app of their choice. As of May 2022, the Plaid network supported more than 6,000 apps, including 9 of the top 10 most popular finance apps available on the Android + App Store, including Venmo, Truebill, Chime, and others.
Early findings indicate that Wise customers are already utilizing a range of use cases, including peer-to-peer payments and investing platforms, with the Core Exchange integration being live for these customers. Business users utilize it for a variety of purposes, including paying credit card bills, paying tax in several states, connecting to other banks internationally, and sending money to payroll firms in the United States.
“We know being able to conveniently use Wise to manage their global finances is vital to our customers, especially for those who are using Wise as their primary account,”
“By working with Plaid, we’re giving customers the ability to connect their accounts to the apps and services they know and love in the US instantly and without hidden fees. As we build money without borders, our customers will continue to see deeper integrations in the market to ensure the Wise account meets the local functionality needed for American consumers.”
Sharon Ann Kean, Senior Director of Global Expansion at Wise.
The partnership with Wise is a shining example of Plaid’s support for universal data access, which would give users more access and insights across all of their accounts while giving them choice over where and how their data is used and permissioned.
“Delivering secure data connectivity solutions to consumers is central to our mission of unlocking financial freedom for everyone,”
“Our Wise partnership ensures access, transparency, and control for millions of consumers to securely connect their accounts to the apps and services they choose. We are excited to deliver on our joint commitment to universal data access and enable even more ways for Wise customers to seamlessly move and manage their money to lead healthier financial lives.”
Raja Chakravorti, Universal Data Access Lead for Plaid.
All data partners, from the biggest financial institutions and regional banks to fintechs, neobanks, and digital banking platforms, receive safe, simple-to-implement API products from Plaid’s data connectivity solutions, including Core Exchange and Plaid Exchange. For the benefit of their clients, they assist businesses in promptly and securely facilitating data connectivity. Core Exchange, Plaid’s newest product, was introduced in May and offers data partners an easy, cost-free solution to implement the Financial Data Exchange (FDX) API protocol.
LENDING VERIFICATION FINTECH TRUEWORK RAISES $50 MILLION
Truework, a fintech company that provides income and employment verification for the nation’s largest mortgage, auto, and consumer lenders to approve more borrowers in a fraction of the time, today announced it raised $50 million in Series C funding.
Sequoia Capital, Activant Capital, and Khosla Ventures returned investors joined G Squared in leading the Series C investment. Indeed, Human Capital and Four Rivers Group are some recent investors. The closing of this round will enable the company to continue expanding as a reliable, secure, and user-friendly platform for income and employment verification, as well as support future product development and increased hiring.
Truework streamlines the loan process for both the lender and the borrower by digitizing and making it easier for banks, lenders, payroll providers, and HR departments to verify income and employment. Truework checks income for major credit extensions like mortgages and auto loans using customer permission as a foundation.
“Automation and efficiency are at the heart of what we do at Truework, and building the future with a consumer-first mindset goes into every decision we make,”
“With access to over 35 million (and counting) US employee records, Truework enables lenders to convert more borrowers and make faster credit decisions with verified income. Series C funding will help us further empower both sides of the verification equation and help build a more efficient, secure, and stable credit system.”
Ryan Sandler, CEO, Truework.
Truework links customers to more than 17,000 lenders nationwide, from small banks to local credit unions, frequently enabling income verification within seconds, increasing applicant conversion by up to 14%, and lowering verification cost per loan by 60%.
In 2022, more than 20,000 small businesses and 100 corporations will use Truework to fulfill more than 12 million requests for income and employment. Twenty of the top 25 lenders, including Fairway Independent Mortgage, Caliber, Guaranteed Rate, Citizens Bank, and LoanDepot, are among its mortgage clients. Customers like Carvana, Octane, and Figure have benefited from its recent entry into the consumer loan market.
“Truework’s vision, leadership, and technology are skillfully-calibrated to the current landscape,”
“Rising rates and market uncertainty are catalyzing lenders to optimize their approval process. People applying for loans expect decisions to be made quickly, they seek options that offer control over personal data and insight into how it’s used. Truework has delivered that solution to some of the nation’s largest banks and most future-forward investors. We are excited about Truework’s future vision to empower consumers and are proud to support their expansion.”
Spencer McLeod, Partner, G Squared.
MEXICAN STARTUP CLARA RECEIVES $150 MILLION IN DEBT FINANCING FROM GOLDMAN SACHS
Clara, the leading Latin American tech startup that offers an end-to-end corporate spend management solution for companies in the region, announced today approved financing from Goldman Sachs for an initial $50 million with the option to upsize to $150 million.
“This financing will fuel our planned regional growth and will also allow us to successfully serve more companies, in more countries throughout the region, with our corporate card and spend management platform, as well as our innovative short-term liquidity solutions,”
“This new credit line will allow us to more than double our coverage in Mexico while focusing additional resources in our product and geographic expansion.”
Gerry Giacomán Colyer, CEO & co-founder, Clara.
Clara will be able to maintain the rapid expansion of its corporate card, accounts payables, and short-term financing solutions for companies in Latin America thanks to the facility. By the end of the year, the company hopes to have doubled the number of businesses it works with in Mexico, Brazil, and Colombia, which presently total over 6,000.
In addition to working with Goldman Sachs, Clara announced the hiring of André Henrique Santoro who will join the team as Chief Risk Officer. Santoro brings over 15 years of risk management experience including stints at CitiBank and RappiBank Brasil.
“This deal gives Clara more capital to grow our operations and consolidate our infrastructure,”
“Goldman Sachs’ loan highlights the capital market’s belief in Clara’s business model while also showcasing our potential for further growth.”
André Henrique Santoro, Global Chief Risk Officer (CRO), Clara.
Also, the company announced that Tina Reich, former Chief Credit Officer at American Express, has been working closely with Clara in an advisory capacity.
“Clara brings a unique combination to the global fintech industry,”
“The ability to recognize underserved LATAM markets and to seamlessly scale existing operations to fulfill the demand in those new regions. Now, by working with Goldman Sachs, Clara is ready to begin an exciting new chapter, while continuing to support the growth and success of Latin American enterprise.”
Tina (Chan) Reich, Advisor, Clara.
Already supported by various well-known worldwide equity investment firms, such as Coatue, General Catalyst DST Global, monashees, and Kaszek. The business began operations in Mexico and Brazil in 2021 and declared its official expansion to Colombia in March of this year. Eight months after operations began, the company received a $70M Series B financing round in December 2021, making it the fastest company in Latin America to achieve unicorn status.
ASTROPAY EXPANDS SERVICES WITH THE LAUNCH OF GLOBAL AFFILIATES PROGRAMME
AstroPay, the preferred online payment solution for millions of customers worldwide, has introduced a flagship global Affiliate Programme to give people and companies who wish to make money online and expand their company prospects. The new programme aims to expand AstroPay’s clientele globally while supplying a reliable partner for individuals who are professionally committed to affiliate marketing.
AstroPay created the programme to give affiliate partners access to exclusive offers where they can earn money continuously for each new customer who signs up for the payment platform. The programme offers dedicated teams, knowledge of sales conversion, and revenue sharing commissions of up to 20%. The AstroPay payment platform/solutions have been tried and tested for cross-border payments, so affiliate partners can rely on multilingual assistance and local expertise for any of their needs.
A wide variety of partners, including platforms, comparison websites, and content producers in the payment sector as well as iGaming, forex trading, and many others, will be welcomed by AstroPay.
The programme will be accessible through hundreds of retailers who use AstroPay as a form of payment in countries around Asia, Africa, Latin America, and Europe.
“I am excited to see our new programme go live today. The Affiliate Programme is a new way of doing business with AstroPay. All those who are professionally dedicated to affiliate marketing will be very welcome and we look forward to working together and rewarding partners with a robust partnership that provides added value through an alternative way to continue growing their business.”
Leonardo Alonso, Head of Affiliates at AstroPay.
No matter what vertical industry affiliate partners are from, the programme is made to offer flexibility and agility and is compatible with any other programmes they may already be enrolled in.
THE BACKBASE ENGAGEMENT BANKING PLATFORM IS NOW AVAILABLE IN THE MICROSOFT AZURE MARKETPLACE
Backbase is proud to announce that the Backbase Engagement Banking Platform is now listed in the Microsoft Azure Marketplace, apps and services are offered online for use with Azure. Customers of Backbase can benefit from the reliable and effective Azure cloud platform, which has simplified setup and maintenance.
This listing is the next exciting step in bringing customer-first banking to more financial institutions and Azure customers after launching a global collaboration with Microsoft in November 2021 to re-architect banking around the customer, integrating its Engagement Banking Platform with Microsoft Cloud for Financial Services.
“This is an exciting next step in Backbase and Microsoft’s collaboration,”
“With Microsoft as the cloud platform of choice, we’re making it easier for banks and credit unions to select the Engagement Banking Platform in the Microsoft Azure Marketplace, enhancing the benefit of all new Backbase and existing Microsoft customers.”
Jouk Pleiter, Backbase Founder and CEO.
The Backbase Engagement Banking Platform serves as the engagement layer and fully utilizes Azure’s underlying capabilities in the Microsoft Cloud for Financial Services, an industry-specific, integrated collection of cloud solutions. Backbase provides pre-built customer journeys as well as a powerhouse of tools to enable banks to create unique services. Through the Backbase Marketplace, banks can additionally take advantage of Backbase’s connectivity with top core banking providers and best-in-class fintech fulfillment partners.
The sophisticated cloud-based infrastructure layer is then added by Microsoft, which also makes security, compliance, and interoperability easier. This enables banks and credit unions to adopt an end-to-end cloud-based operating model quickly.
“Through Microsoft Azure Marketplace, customers around the world can easily find, buy, and deploy partner solutions they can trust, all certified and optimized to run on Azure,”
“We’re happy to welcome the Backbase Engagement Banking Platform to the growing Azure Marketplace ecosystem.”
Jake Zborowski, General Manager, Microsoft Azure Platform at Microsoft Corp.
THOMA BRAVO TO ACQUIRE PING IDENTITY FOR $2.8B
A renowned software investment firm, Thoma Bravo, has entered into a definitive agreement to purchase Ping Identity, a supplier of the Intelligent Identity solution for the enterprise, for $28.50 per share in an all-cash deal with an Enterprise Value of almost $2.8 billion. The offer is valued at about 63 percent more than Ping Identity’s closing share price on August 2, 2022, the final day of trading before the announcement of the deal, and at 52 percent more than the volume-weighted average price of the stock for the 60 days preceding.
“This compelling transaction is a testament to Ping Identity’s leading enterprise identity solutions, our talented team, and our outstanding customers and partners,”
“Identity security and frictionless user experiences have become essential in the digital-first economy and Ping Identity are better positioned than ever to capitalize on the growing demand from modern enterprises for robust security solutions. We are pleased to partner with Thoma Bravo, which has a strong track record of investing in high-growth cloud software security businesses and supporting companies with initiatives to turbocharge innovation and open new markets.”
Andre Durand, Ping Identity’s Chief Executive Officer.
“A tectonic shift is occurring in intelligent identity solutions for the enterprise,”
“Ping Identity’s unique capabilities and strong position in enterprise identity security make it a great platform to deliver customer outcomes, expand into new use cases and support digital transformations. We are highly impressed with the talented Ping Identity team and look forward to working collaboratively in the years to come.”
Seth Boro, a Managing Partner at Thoma Bravo.
“Ping Identity is a leader in intelligent identity solutions for the enterprise and is well-positioned to capitalize on the significant opportunities in the$50 billion Enterprise Identity security solutions area,”
“Our shared commitment to growth and innovation, combined with Thoma Bravo’s significant security software investing and operational expertise, will enable Ping Identity to accelerate its cloud transformation and delivery of industry-leading identity security experiences for the customers, employees and partners of large enterprises worldwide.”
Chip Virnig, a Partner at Thoma Bravo.
The Ping Identity Board of Directors unanimously authorized the deal, and it is anticipated to close in the fourth quarter of 2022, subject to the usual closing requirements, such as shareholder approval and regulatory approvals. The transaction’s closing is not contingent on any financial issues. Following the sale, Ping Identity will become a privately held corporation and its common stock will be delisted from the New York Stock Exchange. The Company’s headquarters will continue to be in Denver, Colorado.
About 9.7 percent of Ping Identity’s outstanding shares are owned by Vista Equity Partners, and the company has agreed to vote its shares in favor of the deal.
“This transaction is a great outcome, and one we firmly believe maximizes value for all stakeholders,”
“We wish Andre and the entire Ping Identity team continued success and thank them for their commitment and partnership over the last six years.”
Michael Fosnaugh, Co-Head of Vista’s Flagship Fund & Senior MD, & Ping Identity’s Chairman of the Board.