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E78 PARTNERS ACQUIRES THE CFO SUITE
E78 Partners, a leading provider of finance- and accounting-related solutions to the private capital industry, announced today that it has acquired The CFO Suite, a professional services firm providing interim, project, and direct-hire financial executives and staff based in Texas.
Effectively immediately, the company will be known as The CFO Suite, An E78 Partners Company. Terms of the acquisition, which became effective March 31, 2022, were not disclosed.
E78 has more than 300 team members and serves over 125 alternative investment fund managers with responsibility for more than $30 billion in assets under management. The firm actively supports more than 300 institutionally backed portfolio companies and management teams.
“The addition of The CFO Suite to the E78 family supports our long-term objective to be the preferred full-service resource for our private equity and portfolio company clients,” said John Signa, E78 Partners’ founder and CEO. “The CFO Suite’s reputation for deploying highly skilled talent across the office of the CFO is well-known and allows E78 to better help our customers address the ongoing war for talent they face in the marketplace.”
“As part of E78, The CFO Suite will now have access to expanded resources and technology that will help us support the staffing needs of our clients,” Brett Lawson, founder and CEO of The CFO Suite. “This decision is not about efficiencies; it’s about opportunity. These additional resources will enhance our ability to meet our clients’ business and operational objectives by providing broader access to more game-changing talent.”
The acquisition of The CFO Suite follows last month’s announcement that Cadilus Inc., a Richmond, VA-based company offering consulting, managed services and technology that support the finance, planning and analysis (FP&A) function, has also joined E78.
About E78 Partners
Founded in 2016 by private equity professionals, E78 and its 300+ senior industry experts provide private equity firms, portfolio companies and corporate clients with a comprehensive suite of accounting, finance and technology solutions designed for the office of the CFO. For more information, visit www.e78partners.com.
About The CFO Suite
Founded in 2010, The CFO Suite is a trusted resource for interim, project and direct-hire proven financial executives who maximize the capabilities and capacity of existing accounting and finance operations. Through a consultative approach, based on years of practical experience in public accounting, industry and professional services, The CFO Suite is dedicated to finding the most qualified executives and staff to meet clients’ organizational and operational objectives. For more information, visit www.cfosuite.com.
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SUPREME FINANCE LAUNCHING FIRST AUTO-STAKING AND COMPOUNDING CRYPTOCURRENCY $SUP
Supreme Autostaking Protocol, or SAP, a new financial protocol that makes staking easier and provides $SUP holders with the highest stable returns in crypto, Supreme is poised to lead a revolution in DeFi.
ADYEN EXPANDS BEYOND PAYMENTS, ANNOUNCES EMBEDDED FINANCIAL PRODUCTS
Adyen, the global financial technology platform of choice for leading businesses, has today announced its expansion beyond payments to build embedded financial products. These products will enable platforms and marketplaces to create tailored financial experiences for their users such as small business owners or individual sellers. The suite of products will allow platforms to unlock new revenue streams and increase user loyalty.
ROYAL BANK OF CANADA ANNOUNCES PROPOSED ACQUISITION OF BREWIN DOLPHIN
Royal Bank of Canada (“RBC”) today announced that, subject to Brewin Dolphin Holdings PLC (“Brewin Dolphin“) shareholder approval and receipt of all regulatory approvals, RBC is acquiring Brewin Dolphin.
MEDIUS ACQUIRES US-BASED ONPAY SOLUTIONS TO STRENGTHEN ‘LAST MILE’ PAYMENT AUTOMATION
Medius, a leading provider of accounts payable (AP) automation solutions, today announced the acquisition of OnPay Solutions, an invoice payments provider, for an undisclosed sum. The deal will enable Medius to integrate payment processing – AP automation’s ‘last mile’ – directly into its source-to-pay platform, enhancing its customers’ operational efficiency and strengthening their anomaly, fraud and risk detection capabilities.
GESHER I ACQUISITION CORP. AND M&G INVESTMENT MANAGEMENT LIMITED ENTER INTO AMENDED FORWARD PURCHASE AGREEMENT
Gesher I Acquisition Corp. and M&G Japan Equity Fund, an entity managed by M&G Investment Management Limited, entered into an amended and restated forward purchase agreement. The Amended Forward Purchase Agreement amends and restates the forward purchase agreement the Company and M&G had entered into in connection with the Company’s initial public offering, the form of which the Company filed with the U.S. Securities and Exchange Commission on September 2, 2021.
UKRAINIANS IN EUROPE CAN NOW GET FREE PAYMENT ACCOUNTS WITH EU IBAN
Bitsafe has opened its services to Ukrainians who (temporarily) reside in the European Union. This service contains a free basic payment account with a free debit card issued in the name of the displaced person from Ukraine. Each account is accompanied with a Dutch (NL) IBAN, which is capable of sending and receiving funds worldwide. Bitsafe account holders can engage in SEPA transfers and international wires. The Bitsafe debit card allows ATM withdrawals and can be used to pay for goods and services.
VIVARIS CAPITAL LAUNCHES VICAN FUND
Vivaris Capital, LLC , an alternative assets investment manager, announced today the launch of its new, multi-strategy fund offering hybrid hedge and private equity structures, VICAN Fund. The VICAN Fund will provide investors with access to institutional quality alternative investments with high-growth, high-return potential while securing their principal. It is being launched with Vivaris’ investment partner, HedgeACT. The Fund is attracting strong interest from family offices, high net worth private investors and institutions. It plans to raise $150 million this year and is targeting $500 million.
PAYSAFE’S VIAFINTECH PARTNERS WITH GRUPO IFA TO PROVIDE CASH SERVICES IN SPAIN
viafintech, part of the payments platform Paysafe, announces a new partnership with Spanish food retail group, Grupo IFA. The two companies will provide consumers with easier access to cash services by enabling cash withdrawals and deposits at grocery stores across Spain.
Through the partnership, viafintech’s barcode deposit and withdrawal solution, viacash, will be available across a number of the group’s member stores, including Grupo MAS, Condis, and GADISA, and additional Grupo IFA members will follow in the future.
Grupo IFA is the largest food retail group in Spain in terms of square meters, with an aggregated market share of 19.7%. viacash allows customers to create a barcode within their banking app and scan it at the checkout of participating stores to deposit or withdraw cash.
With access to cash proving to be a challenge in Spain due to the widespread closures of ATMs and bank branches over the last decade, the partnership is set to strengthen viafintech’s Spanish retail network and support financial inclusion in the country.
“Grupo IFA and its members Grupo MAS, Condis, and GADISA are committed to improving the lives of its customers by leveraging innovation to provide the most convenient and comprehensive service. The strong regional footprint of its network will see the significant expansion of the viacash service in Spain. Grupo IFA’s members’ stores offer a high-quality shopping experience, a perfect match for viacash. We are proud to join forces to integrate viacash at the checkout.”
Pedro Borges, VP France, Iberia & Latin America at viafintech.
“We are constantly looking to enhance the services provided by our members, introducing innovations to attract footfall and improve their competitive position as regional leaders. We believe our partnership with viafintech is a solid step in that direction. It will help to complement the offering of our members and ultimately benefit consumers.”
Juan Manuel Morales, General Manager at IFA.
Mastercard and Paysafe announced the integration of Mastercard Send into Paysafe’s payments platform, enhancing the payout capabilities offered to Paysafe’s merchant customers in the UK and EU.
CAPCHASE ANNOUNCES INTEGRATION WITH STRIPE
Capchase, a New York-based provider of non-dilutive capital, recently announced its integration with the leading financial infrastructure platform, Stripe, to make its services available through the new Stripe App Marketplace.
This means that Stripe customers can now access Capchase’s non-dilutive financing solutions, including Capchase Grow (Recurring Revenue Financing), directly through Stripe’s interface without having to switch between platforms.
“Capchase is proud to be working with Stripe to offer flexible financing to millions of growing businesses,”
“At Capchase, our mission is to improve founders’ financial operating efficiency through better technology – so working with Stripe who is a true pioneer in financial technology was a natural fit.”
Miguel Fernandez, co-founder, and CEO of Capchase.
With funding from Capchase, SaaS companies can access capital regularly while eliminating the time-consuming nature of the traditional fundraising process. Typical customers of Capchase put capital towards financing customer acquisition costs, key sales hires, and subscription expenses with the flexibility to only pay for the capital they use.
Since Capchase was founded in 2020, it has registered over 3,000 companies in 10 countries in North America and Europe, making over $2 billion in funding available.
“Capchase is the financial partner we needed two years ago, and I wish I found them sooner. They’ve allowed us to scale ahead of revenue, helping us build a financial model incorporating headcount, expenses, and revenue, with great communication and trust,”
“Thanks to Capchase’s hands-on approach to growth financing, customers like Blackthorn are able to invest in opportunities that make the most sense to their business with a partner they can confide in.”
Chris Federspiel, co-founder, and CEO of Blackthorn and Capchase customer.
The company has also launched a series of strategic partnerships to further increase access to non-dilutive capital for growing businesses, including with AWS, Mercury, Techstars, and Baremetrics, who offer Capchase’s services to their customers.
Capscore – Capchase’s proprietary helps companies forecast their next 12 months’ worth of revenue and make that revenue available for immediate use – powering growth initiatives without diluting founder ownership.
GLOBALCORP LAUNCHES ‘OLLIN FOR LIFESTYLE FINANCE’ IN THE EGYPTIAN MARKET
GlobalCorp, a leading non-banking financial institution in Egypt, announced the launch of its new B2C platform for lifestyle financing under the brand name ‘Ollin’.
‘Ollin’ will serve as a one-stop-shop and an ‘All-In’ platform for all consumer financing needs. The company will provide installment programs covering auto loans, mortgages, home finishing, education and tuition fees, healthcare, travel, and club memberships.
GlobalCorp has allocated an initial investment of EGP 150 million to its new venture, with more funds to be deployed as ‘Ollin’ expands its client base and product offerings.
“The launch of the B2C business is another milestone within our strategy of becoming a comprehensive NBFI platform offering the full range of financial products and covering different market segments.”
“Our aim is to build a premium brand that goes beyond traditional installment offerings to deliver a unique and comprehensive customer experience and to become the trusted partner for our customers’ lifestyle aspirations and financial planning needs.”
GlobalCorp Founder and Group CEO Hatem Samir.
‘Ollin’ has appointed a team of entrepreneurial and experienced industry veterans with backgrounds in banking and financial services, telecoms, and technology. The company’s near-term focus will be on scaling the operational capabilities, and technology infrastructure and doubling the team size by the end of the year. The company will build on GlobalCorp’s track record as an entrepreneur-led organization and its leading market positioning in serving corporate and SME clients with a range of leasing, factoring, and securitization solutions.
The new venture comes in right after the acquisition of GlobalCorp by a consortium of investors comprising EBRD (European Bank of Reconstruction and Development) and two international private equity funds, Amethis and SPE Capital.
TWITTER HIRES TOP LEGAL FIRM TO SUE ELON MUSK FOR ENDING $44 BILLION DEAL
Twitter is contemplating legal action against Tesla and SpaceX CEO Elon Musk over his decision to terminate a USD 44 billion takeover deal. As per The Hill, the microblogging site has hired a large New York-based law firm Wachtell, Lipton, Rosen & Katz LLP as it prepares to sue Musk. Twitter will file its lawsuit in Delaware next week. Meanwhile, Musk is being represented by the law firm Quinn Emanuel Urquhart & Sullivan.
“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.”
Bret Taylor, Twitter’s chairman.
Musk announced the termination of a USD 44 billion Twitter purchase deal in a letter sent by Musk’s team to Twitter earlier on Saturday. Musk decided to suspend the deal due to multiple breaches of the purchase agreement. The Tesla CEO’s team strongly believes that the proportion of spam and fake accounts is “wildly higher” than 5 percent, according to the letter. As further described below, Mr. Musk is terminating the Merger Agreement because Twitter is in material breach of multiple provisions of that Agreement.
In short, Twitter has not provided the information that Mr. Musk has requested for nearly two months notwithstanding his repeated, detailed clarifications intended to simplify Twitter’s identification, collection, and disclosure of the most relevant information sought in Mr. Musk’s original requests.
In April, Musk reached an acquisition agreement with Twitter at USD 54.20 per share in a transaction valued at approximately $44 billion. However, Musk put the deal on hold in May to allow his team to review the veracity of Twitter’s claim that less than 5% of accounts on the platform are bots or spam.
Back in June, Musk had openly accused the microblogging website of breaching the merger agreement and threatened to walk away and call off the acquisition of the social media company for not providing the data he has requested on spam and fake accounts.
Musk alleged that Twitter is “actively resisting and thwarting his information rights” as outlined by the deal, CNN reported, citing the letter he sent to Twitter’s head of legal, policy, and trust, Vijaya Gadde.
Musk demanded that Twitter turn over information about its testing methodologies to support its claims that bots and fake accounts constitute less than 5 percent of the platform’s active user base, a figure the company has consistently stated for years in boilerplate public disclosures.
YULIFE RAISES $120M IN ITS SERIES C FUNDING ROUND TO ACCELERATE GLOBAL EXPANSION
YuLife, the tech-driven insurance company on a mission to inspire people to live their best lives, announced that it has raised $120m in a Series C led by Dai-ichi Life Holdings Inc, a new strategic investor in the company. The funding round, which YuLife’s existing investors supported, takes YuLife’s total funding to $206m since the company was founded in 2016, having raised capital from top-tier investors including Creandum, LocalGlobe, Target Global, Latitude, Anthemis, OurCrowd, Notion, MMC and Eurazeo. YuLife will use the capital to broaden its reach into new global markets and scale its product range, delivering financial products that improve lives and reward well-being. This furthers the company’s ambition of transforming financial services into a force for good.
YuLife believes that the $6 trillion insurance industry is not fit for the future due to low trust, low perceived value, and low engagement. The global well-being crisis, exacerbated by the Covid-19 pandemic, has meant a huge gap to fill in the market. YuLife’s flagship product, group life insurance, has achieved rapid traction in a market lacking innovation.
YuLife has fundamentally changed the nature of life insurance, creating an innovative new ‘win-win’ model which benefits individuals, businesses, and society. The highly engaging, game-like YuLife app enables YuLife policyholders to complete everyday wellness activities to earn YuCoin, which they can use to buy gifts for themselves, friends, or family or to improve the world through planting trees and donating to charity. Over a third of YuLife customers engage with the company every day, compared to once a year for the average insurer, and 87% report an improvement in their well-being due to having YuLife as their insurer.
“Insurance has the potential to achieve tremendous social good”,
“Unusually for financial services, our product creates a deep alignment of interests between the insurer, the company, and the individual. We believe that well-being must be holistic, and we are committed to building a global financial services brand that can change the lives of millions of people across the world.”
“Companies that choose YuLife are making a statement that they care deeply about their employees”,
“Now more than ever, it is important for companies to go above and beyond to build a culture of care in the workplace, as traditional benefits packages just do not do the job. Our proposition addresses a vital business need exacerbated by the Covid-19 pandemic and the ‘Great Resignation.”
Sammy Rubin, CEO, and Founder, YuLife.
“Dai-ichi Life is committed to supporting companies that have a proven track record of changing people’s lives for the better, and YuLife does exactly that by bringing tangible value to financial products to bolster individuals’ well-being,”
“YuLife has immense potential to build on its achievements to date, and we are thrilled to invest and help propel YuLife towards its next steps and scale its global operations. YuLife shares our ethos of harnessing the latest trends in technology to make a genuine difference in the lives of those using financial products.”
Toshiaki Sumino, Director, Managing Executive Officer, Dai-ichi Life Holdings, Inc.
FEEDZAI RECOGNIZED AS A TOP ANTI-MONEY LAUNDERING SOLUTION BY LEADING ANALYST FIRM
Feedzai, the world’s first RiskOps platform for financial risk management, has been ranked among the top vendors in anti-money laundering (AML) in a Forrester report released today, “The Forrester Wave: Anti-Money-Laundering Solutions, Q3 2022”.
“Feedzai leverages machine learning and automation to overcome the difficulty many institutions have with legacy AML programs which operate with siloed, disparate systems creating a pixelated view of risk,”
“We believe our continued investment in R&D alongside our unified RiskOps-based approach across AML is why we are consistently endorsed by customers and are a strong performer in the Forrester Wave report.”
Pedro Barata, CPO at Feedzai.
In the last year, Feedzai’s AML suite has helped customers monitor over 200 territories with over 90% precision for high-priority alerts.
Feedzai received the highest possible scores in the following criteria:
- Internationalization, currencies, and reporting
- Execution roadmap
- Enhancements: Watchlist management
- Supporting services: Developers
- Supporting services: Professional services
The Wave report cited disproportionately strong development and support staffing and also notes, In its current AML offering, the vendor’s rule threshold, processing, and recommendation capabilities are strong.
The analysis goes on to state, that Feedzai is a good fit for organizations looking to automate and streamline the AML model development using workflow templates and third-party risk scoring models.
The Forrester Wave Anti-Money-Laundering Solutions, Q3 2022, reviewed 15 vendors in its assessment in a rigorous evaluation process that includes a detailed questionnaire, demos/briefings, and customer reference surveys/interviews. The resulting report is a trusted, unbiased analyst resource for organizations looking to invest in an AML solution.
Feedzai AML Suite manages AML risk across all stages of the customer lifecycle, creating a cohesive picture of risk across siloed internal and external systems. The suite includes four AML solutions in a single, unified AML compliance system:
- Know Your Customer/Customer Due Diligence with continuous risk profiling,
- Watchlist Management Customer Screening with automated watchlist monitoring,
- Watchlist Management Payment Screening with fuzzy matching to reduce false positives, and
- AML Transaction Monitoring uses machine learning for precise risk scoring and prioritization.
MAMBU ENTERS INTO A STRATEGIC PARTNERSHIP WITH VISA
Mambu, a leading cloud banking platform, announced a global partnership with Visa to utilize Visa DPS, one of the largest processors of Visa debit transactions globally. The partnership will give Mambu customers a seamless connection to Visa DPS for end-to-end card issuing and processing.
Both companies recognized the importance of interconnectivity to meet the growing demand for FinTechs and incumbent financial institutions. Mambu is developing an integration with Visa DPS that will give institutions more flexibility in offering their customers new card products and services.
“Customer demand for card services is growing rapidly, whether it is incumbent financial institutions or FinTechs. Strategic partnerships and interoperability of service providers offer the best value, choice, and flexibility for clients, whether they are embarking on digital transformation or scaling a new card program. This is a major step to bringing more simple, transparent, and connected services to any company offering financial services.”
“We’re creating an opportunity for our customers to transform, scale and achieve operational excellence with this integration. Institutions can create their unique customer payment card experiences on Mambu, regardless of whether it is a deposit or loan account, and get it rapidly to market. They can then leverage the issuer processing capabilities of Visa DPS to deploy new products and solutions for their customers. This partnership will enable our customers to create powerful, digital-first payment solutions and experiences.”
Kevin Trilli, Chief Product Officer at Mambu.
“Today’s banking and payment landscape require agility and an architecture that can easily adapt to the rapid pace of innovation in our industry. We’re excited to bring our modern API-based processing capabilities to Mambu’s growing marketplace of composable payment solutions and believe our collaboration will create tremendous value for our clients and their cardholders.”
Todd Brockman, SVP, Global Head of Issuing Solutions at Visa.
Abu Dhabi Islamic Bank (ADIB) announced that it had signed an exclusive agreement with the world leader in digital payments, Visa. This agreement aims to further grow digital payments in the UAE, offering customer-centric solutions to ADIB cardholders.
TIDE AND TRANSCORP TO ROLL-OUT RUPAY POWERED EXPENSE CARD
Tide, an SME-focused business financial platform that began setting up operations in India in 2020, announced that it has partnered with Transcorp International Limited, a 27-year-old Reserve Bank of India (RBI) regulated Authorised Dealer Category II and perpetual Prepaid Payment Instrument (PPI) license holder, to launch co-branded prepaid cards (Tide Expense Card) as an entry product.
Tide will offer payment services to small businesses across India, starting with a Tide Business Account, accompanied by a Tide Expense Card. These Cards will be offered in partnership with Transcorp powered by RuPay. Other payment and business services will follow later this year. The partnership leverages the expertise of RuPay, India’s indigenous payment network, the long-standing reputation of Transcorp, and Tide’s vast experience with SMEs in the UK, to help small businesses in India save time and money.
“Launching Tide’s business financial platform in India has been our priority since we announced our international expansion. We are excited to partner with Transcorp as we embark on the next stage of Tide’s journey, to serve the 64-million and growing SMEs in the Indian market. With Transcorp, we are ready to begin our initial product offering of Tide India, in order to build the best possible service to help SME owners save time and money.”
Oliver Prill, CEO, of Tide.
Users will be able to activate and manage their Tide Business Account and Tide Expense Card through the company’s app, which will also be used to load money, collect payments and check spending, among other services.
“We, at Tide, wish to support entrepreneurs in their journey and believe we’re in a strong position to do exactly that. As we scale up in India, we will expand our product offerings for small businesses who wish to take the big step of starting out in business whether it’s as a contractor, freelancer, sole trader, or small business owner. Transcorp is a great partner for Tide, with a great reputation as an issuer for co-branded prepaid instruments. Transcorp has already demonstrated success with its partners and Tide is delighted to join this illustrious list.”
Kumar Shekhar, VP, Tide (India).
The needs of SMEs globally are largely universal, with time wasted on business and administrative tasks being a key issue. Tide exists to fix that problem. It has developed the right approach and a mix of services to meet the diverse needs of small businesses. In the next year, the company plans to introduce a few more features like Business Savings/Current Account in partnership with an RBI-licensed bank, Fund Transfer, Invoicing, GST, and Pay by link and Credit services, for its members.
“Transcorp is delighted to partner with Tide to enable digital payments and promote financial literacy amongst India’s largest business fraternity: SMEs. This segment is India’s economic backbone but remains financially underserved. With Tide, we aim to include them into the formal economy by delivering excellent products and exceptional service,”
“As India’s premier non-bank card issuer, Transcorp takes pride in enabling financial inclusion for Indian SMEs, and continuously strives to deliver success to its partners through the optimization of stakeholder alignment.”
Ayan Agarwal, Vice President, Transcorp.
Small businesses that are just starting out will find the business accounts helpful for their daily transactions and expenses. Being fully digital, Tide’s Business account is not just hassle-free, but is secure and protects user privacy.