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TEXAS-BASED AMPLIFY CREDIT UNION DEBUTS FEE-FREE BANKING
Amplify Credit Union announced Wednesday (Feb. 9) that it is rolling out fee-free banking, so members won’t pay fees on checking, savings and business banking accounts — including account maintenance fees, regardless of balance. The Austin, Texas-based credit union also removed fees for wire transfers and overdraft protection. CEO Kendall Garrison said this could be a change for the industry, with bank fees rising to record highs and traditional banks charging more than ever. Interest that depositors earn on checking and savings accounts is also at an all-time low, according to the release.
W!SE LAUNCHES NEW FINANCIAL LITERACY APP!
Working in Support of Education (W!se), a leader in financial education, is pleased to announce the launch of a major new digital resource to enhance its award winning Financial Literacy Certification program. This resource is a newly developed cloud-based mobile app with an updated database of practice test questions that enables students from schools participating in the Certification program to take practice tests and quizzes online.
FISERV ACQUIRING BANK TECH PROVIDER FINXACT
Fiserv has struck a $650 million deal to buy Finxact, a firm that provides cloud technology and open development tools for speedier IT upgrades, making it popular with bank technology investors. The Jacksonville, Florida-based Finxact helps financial institutions launch a digital brand, modernize their technology or integrate with fintechs through open banking.
EVERI TO ACQUIRE FINANCIAL TECHNOLOGY PROVIDER – ECASH HOLDINGS PTY LTD.
Everi Holdings Inc. , a premier provider of land-based and digital casino gaming content and products, financial technology and player loyalty solutions, announced today that it has entered into an agreement to acquire ecash Holdings Pty Ltd. (“ecash”), a privately owned, Australia-based developer and provider of innovative cash handling and financial payment solutions for the broader gaming industry in Australia, Asia, Europe and the United States. ecash’s products and technologies represent a strategic extension of Everi’s current suite of financial technology solutions within the FinTech segment. The acquisition will provide Everi with a complementary portfolio of new customer locations throughout Australia, the United States and other geographies. The closing of the transaction, subject to customary conditions, is expected to occur within 60 days.
LAFAYETTE SQUARE ANNOUNCES IMPACT-FOCUSED CREDIT FACILITY WITH SUMITOMO MITSUI BANKING CORPORATION
Lafayette Square, an impact investment platform, announced that its affiliates have entered a new credit facility with Sumitomo Mitsui Banking Corporation (“SMBC”), one of the largest global financial firms. The facility will be used to support Lafayette Square’s regionally focused middle market lending activities, consistent with its mission to achieve impact in local communities. The credit facility will initially provide the Lafayette Square affiliates with the ability to borrow up to $10.6 million based upon unused capital commitments from their investors and is expected to grow through an uncommitted accordion feature expandable up to $1 billion. The annual interest rate applicable to borrowings under the facility will be based on a range of alternative rates, including applicable SOFR plus a margin of 1.8%, and the facility matures in January 2024.
DASHEN BANK ACCELERATE DIGITAL BRANCH TRANSFORMATION WITH CR2 PARTNERSHIP
Dashen Bank the largest private bank in one of the world’s fastest growing economies – Ethiopia – today announced it has extended its strategic partnership with CR2 as they accelerate their Branch Transformation programme, a key pillar of their overall digital transformation taking place at the bank. This latest strategic initiative responds to the changing nature of the branch, migrating traditional teller services to digital points of access such as mobile, online and in-branch self-service terminals including the ATM and kiosk.
COMMERCIAL METALS COMPANY ANNOUNCES PROPOSED $150M TAX-EXEMPT BOND FINANCING
Commercial Metals Company (NYSE: CMC) (“CMC”) announced today a proposed tax-exempt bond financing in the amount of $150.0 million. In connection with the proposed financing, the Industrial Development Authority of the County of Maricopa (the “MCIDA”) authorized the issuance and sale of Exempt Facilities Revenues Bonds (Commercial Metals Company Project), Series 2022 (the “Bonds”). If the financing is completed, MCIDA will issue the Bonds and loan the proceeds of the sale of the Bonds to CMC pursuant to a loan agreement between CMC, as borrower, and MCIDA, as lender. The loan proceeds will be used to finance a portion of the costs of the construction of CMC’s previously announced second steel micro mill in Mesa, Arizona.
AMOUNT ACQUIRES LINEAR FINANCIAL TECHNOLOGIES
Amount, a banking technology provider offering account opening, loan origination and BNPL financing solutions, announced today the acquisition of Linear Financial Technologies (“Linear”), the premier SMB loan and account origination platform.
Linear’s solution set is complementary to Amount’s retail banking and BNPL solutions for consumer loans. Linear’s platform simplifies the borrowing and account opening experience for small business owners and streamlines loan and deposit origination workflows for a broad range of SMB products, ranging from business credit cards, loans, lines of credit and SBA loans. The company has an expansive and diverse set of name brand clients, including Citizens Bank, PNC Bank, Fifth Third Bank, Bank of the West, and American Express, among others.
FISERV NAMED A LEADER AMONG MERCHANT PAYMENT PROVIDERS FOR CARAT OPERATING SYSTEM
Fiserv, Inc., a leading global provider of payments and financial services technology solutions, announced it is positioned as a Leader among the companies that Forrester Research, Inc. invited to participate in its industry evaluation.
“We believe our position as a leader in this Forrester Wave is a testament to our ongoing investment in the Carat operating system, and to the thousands of Fiserv associates globally that consult with our clients to enable differentiated experiences across channels, devices, and regions,”
“We are proud that our strong heritage in payments, innovative technology, and unparalleled global reach are helping create a smarter future for our clients.”
Suzan Kereere, Head of Global Business Solutions at Fiserv.
Forrester analysts evaluated the most significant merchant payment providers based on 36 criteria related to the strength of each provider’s current offering, strategy, and market presence. Carat from Fiserv had the highest score in the current offering category and received the highest score possible in the market presence category.
Carat earned the highest score possible in 18 individual criteria, including emerging payments, cross-border settlement, supporting products and services, customer support, partner ecosystem, vision, and region support for North America, Latin America, U.K. and Europe, and Asia Pacific.
“The scale of Fiserv impresses, its value-added services are substantial, and its customer-centric transformations are starting to pay off, stating, “Merchants choose Fiserv because they can often work with [the company] across the globe for all of their needs…The company has overhauled its organizational structure, contracting, and client success model and launched Carat, the brand under which Fiserv has organized its omnichannel payment portfolio. Fiserv is the best fit for enterprise merchants that desire a more consultative relationship with their partner.”
Jamie Forrester, Bank Relationship Manager, Fiserv.
“Our focus on clients and service fuel our drive to innovate,”
“It’s especially meaningful to be recognized as a Leader in the merchant payment providers space for the partnerships we build with our clients, and we are committed to continuing to bring their visions to life.”
Casey Klyszeiko, Head of Carat and e-Commerce at Fiserv.
Carat is the unified, simple, global operating system that enables payments anywhere and anytime, optimizes commerce across channels, and delivers embedded finance in ways that create new customer experiences.
ROUTABLE LAUNCHES REAL-TIME PAYMENTS
Routable, a modern and intuitive business payments platform, with a focus on mass payouts, today announced the launch of Real-Time Payments (RTP), which allows businesses to securely pay vendors and contractors within seconds.
Routable built RTP® leveraging its extensive experience in mass payouts, so it can accommodate businesses as they scale from 250 payouts per month to over 100,000. This is a significant competitive advantage for companies looking to strengthen relationships with key third parties and improve operational efficiency at scale.
“We know how critical it is for our customers to maintain strong relationships with the vendors and contractors that keep their businesses running, and providing instant payments is a great way to do that,”
“This is particularly compelling for companies that operate in crowded markets and are competing for a limited number of contractors, such as real estate, ridesharing, or food delivery. If an agent or driver knows they’ll be paid instantly by one company – including over the weekend – but could wait days to receive payment from another, that’s going to impact their decisions on who to work for.”
Omri Mor, Co-founder, and CEO of Routable.
Benefits of RTP® include:
Speed of payment – Funds are sent, received, and available for use in the recipient’s bank account within seconds
Always on – Transaction processing twenty-four hours a day, seven days a week to accommodate all payment schedules
Streamlined communications – Immediate payment confirmation and remittance data ensure both parties are always aware of payment status
Eliminates late fees – Instant transactions ensure senders avoid fees due to payment delays
Intuitive and flexible – Easy to use API is compatible with any environment and plugs in seamlessly to existing payment infrastructure
Traditional real-time payment offerings require the recipient to elect to receive immediate funds and pay the associated transactional fees themselves. By contrast, Routable’s RTP® takes that onus off the recipient, with its industry-low transaction fee being covered by the sender, rather than the end recipient making it possible to send instant payments at scale.
“To put it simply, we cannot operate without our vendors and contractors, so we’re always looking for ways to deliver an exceptional payment experience that keeps our partners happy,”
“We’ve long known that delivering instant payments directly into their bank accounts would be the best experience possible, but until now it’s been impossible to execute. With Routable’s RTP® we can finally pay our partners immediately through their preferred banks, which will be tremendously helpful in keeping these critical relationships strong as we continue to scale.”
Stephen Kleva, CEO of Insparisk, and Co-founder of Data Fleet.
The launch of RTP® gives Routable’s customers access to the industry’s fastest payment rail while maintaining the security, flexibility, and ease of use they’ve come to expect.
TIDE AND SAGE COME TOGETHER TO BUILD A COMPLETE END-TO-END ACCOUNTING AND TAX SOLUTION FOR SMALL BUSINESSES
Tide, the UK’s leading business financial platform, and Sage, the leader in accounting, financial, HR and payroll technology for small and mid-sized businesses today announced the launch of a complete end-to-end accounting and tax solution for small businesses.
To simplify business admin for SMEs, Tide, in partnership with Sage, announced the launch of Tide Accounting, which enables Tide members to benefit from tightly integrated, automated accounting and bookkeeping services from within their bank accounts. Having simple accounting and taxation built into Tide’s platform will enable small businesses to take control of their business accounting – all within their bank account – as well as staying compliant and avoid penalties.
The key benefits that Tide Accounting will provide members are:
- Updated reports whenever a new transaction is processed
- Real-time insights into your business
- Jargon-free, simple to use, and automated accounting
Developed using Sage’s new accounting and compliance as a service (ACaaS) platform, the solution delivers simplified accounting – automating tasks and ensuring tax compliance for Tide members in the UK. Being offered to non-VAT registered sole traders, in the beginning, this new product combines banking and accounting – all in a single digital environment. By connecting banking data and Tide’s existing finance and admin tools to Sage’s world-class accounting and compliance services, Tide members will be able to streamline financial and compliance processes, such as self-assessment and year-end accounts. Since the solution looks to address the most acute accounting needs of business owners, they will have access to a simple and affordable accounting tool that meets their needs.
For many small businesses who don’t have an accountant, the introduction of Making Tax Digital has left them looking to their banking providers for support and advice. Tide’s partnership with Sage will offer a seamless accounting tool from the Tide app, that will provide members with compliant accounts and insights about their businesses to reduce the time spent and stress of traditional accounting. This will allow them to focus on growing their business (doing what they love) without spending time on unnecessary admin.
“Most business owners find accounting a daunting task and struggle with being compliant, they need a solution that simplifies it for them. Sage’s long and impressive record in accounting and compliance and its strategic alignment with Tide bring us a step closer to our mission to make life easier for people who work for themselves, saving them time (and money) on their financial admin. Through Tide Accounting, small business owners will get access to a simple and more affordable accounting software tailored to their business.”
Oliver Prill, Tide CEO.
KREPLING RELEASES ONE-CLICK WALLET FOR E-COMMERCE
Krepling, one of the fastest-growing e-commerce platforms on the market, has announced the launch of the world’s first agnostic digital wallet for eCommerce, Krepling Pay.
Unlike the platform’s existing competitors – Apple, Google, and ShopPay – Krepling Pay is compatible with every device and every browser, providing users with a truly versatile payments solution.
Right now, eCommerce merchants are facing a $1 trillion problem. According to the Krepling Commerce Consumer Report 2021, 70% of customers abandon their cart at checkout, failing to complete purchases. And in the majority of instances, this is due to poor payment processes. While 37% of shoppers are deterred by long and complex forms, a further 23% resent the need to create an account prior to making a purchase. And 8% of abandoned baskets are attributed to merchants not providing enough ways to pay.
Providing an optimized 1-click checkout with no passwords or forms, Krepling Pay provides a simple solution to all of those problems. The checkout process, which is entirely localized according to currency and language preferences, enables merchants to benefit from cross-border commerce.
Optimized for conversions, Krepling Pay provides the ultimate solution for seamless both one-off and recurring transactions, generating more complete checkouts and more repeat purchases. And operating with five fewer clicks and eight fewer fields than regular e-commerce gateways, each transaction is processed between 45-100 seconds faster than other payment types.
The Krepling Pay system has also been devised for simple integration with existing stacks, to enable as many merchants as possible to benefit from the new technology.
‘There are an estimated 12 million – 24 million eCommerce sites currently in operation, with the vast majority managed by independent merchants. And yet there remains a significant divide between the services available to SMEs and corporations. Ensuring that the large, established brands always have the edge.
‘With Krepling Pay, we’re seeking to level the playing field. Providing small and medium-sized businesses with the payment solutions they need to attract and retain customers. If all the hurdles preventing a smooth checkout are removed, more customers will feel confident enough to complete their transactions, helping businesses to grow. And that’s the main ambition of the solution.
‘As the world’s first 1-click checkout and agnostic digital wallet for eCommerce, Krepling Pay holds a huge amount of potential for a wide range of businesses. And we’re really excited to see how merchants respond to the solution.’
Liam JE Gerada, Founder & CEO of Krepling.
NORDIC EXPENSE MANAGEMENT FIRM FINDITY RAISES SEK50 MILLION
The fintech company, Findity, is raising 50 million SEK to accelerate its international expansion and complete a comprehensive company rebrand.
The company’s two brands, Companyexpense and Findity, come together under one roof, allowing full focus on continued innovation and expansion.
The Swedish expense management provider Findity raises 50 million SEK from private investors such as Johan Blomquist, a former partner at Altor, Niklas de Besche, former CEO of Meltwater, as well as existing owners and staff. The company will use the investment to accelerate its international expansion and product development. Furthermore, a comprehensive rebrand brings their two brands together under one Findity.
Findity’s product for expense claims, entertainment, mileage, and per diem is today used by more than 30,000 customers. Through its white-label offering, the company provides partners such as American Express, Fortnox, and Visma with expense management solutions in their respective brands.
“Findity is in an exciting phase of expansion. With a proven product, a unique white label offer, and strong demand, the possibilities are endless.”
Johan Blomquist, a former partner at Altor.
Having built a top product and gained a leading position in Sweden, the focus is now on international expansion. At the same time, the company changes the name of its product Companyexpense, which will be called Findity.
“We see significant demand from businesses that want to improve employees’ everyday lives, and the investment allows us to strengthen our position internationally. We want customers and partners to enjoy easier expense management. The new united brand helps us continue to focus on innovation and improve every day for people using our product.”
Patrick Olsson, CEO of Findit.
VOLOPAY JOINS VISA’S FINTECH FAST TRACK PROGRAMME
Volopay, corporate cards, and payable management fintech firm backed by Y-Combinator, today announced it has signed a partnership with Visa to be part of Visa’s Fintech Fast Track Program which will significantly expand Volopay’s offering of financial management solutions in the Australian market.
Visa’s Fintech Fast Track Program enables Volopay to issue Visa cards to its customers in Australia, making it the only fintech company in the country with the ability to do this, and this offers a one-of-a-kind for Australian businesses.
“The Visa Fintech Fast Track Program gives us an edge that we haven’t had before,”
“The ability to issue our own cards sets us apart from other fintech providers who are merely distributing cards. This way, we have full control over the product we provide to our clients. We are also able to create a well-rounded financial stack with enhanced offerings to our Australian clients.”
“Australia represents a huge market opportunity for Volopay, with over three million registered businesses across the country. As businesses look to improve their financial processes to gain better efficiencies and productivity, Volopay is well-positioned to assist businesses on this front,”
Rajith Shaji, CEO and Co-founder of Volopay.
In Australia, Volopay counts homegrown companies such as employee management platform Deputy, edtech firm Cluey Learning and mobile video solution company m-View, as customers. Volopay’s products offer businesses the unique benefits of a single dashboard bringing together approvals, vendor payments, corporate cards, and automated expense management. Volopay also provides a line of business credit to companies that need smarter spending resources in order to scale. Volopay’s platform is suitable for a five-person business, as it is for a 500-person company.
The partnership with Visa allows Volopay to pivot from being a card distributor to an issuer and enables the company to expand its product offerings to customers. Upgraded features of the Volopay platform include a custom integration to support Xero and MYOB users and more cost-effective usage models, all aimed at helping Australian businesses operate digitally, better manage their financial processes, and accelerate their growth.
Key hires to reinforce the leadership team
Volopay is further strengthening its leadership team in the country with the addition of Nirvikar Jain as a Global Business Officer. Jain holds an MS (Sloan fellow) from Stanford GSB and is currently co-authoring an MIT press book on fintech-led disruption. He previously worked at Citibank, First Abu Dhabi Bank (India CEO), and Bank of America, as well as in key executive roles with tech startups, and in fintech advisory. As Volopay’s Global Business Officer, he will play a key role in strategizing Volopay’s scalability and expansion framework in Australia through exciting partnership opportunities and fresh industry perspectives.
“I am excited by the opportunity to work with the Volopay team and expand our partners in Australia,”
“There is plenty of scope for what can be done with Volopay and we will continue building adjacent offerings and customizations that solve multiple problems for finance departments in Australia and the rest of the world. The entire Volopay team is talented, ambitious, and geared up to scale it up globally. This is just the beginning of a very exciting journey for all of us.”
Nirvikar Jain, Global Business Officer, Volopay.
Volopay recently raised US$29 million in its Series A round which included participation from JAM Fund, Winklevoss Capital Management, Rapyd Ventures, Accial Capital, fintech veteran, and angel investor and Acorns founder Jeffrey Cruttenden, along with Access Ventures, Antler Global, and VentureSouq.
The funding will allow Volopay to expand its current team and business operations in Australia. The raised capital will go towards Volopay’s upcoming market launches, building and innovating new technologies to complement its existing product as well as enhancing integrations with leading enterprise software and project management applications.
DESERVE SECURES $250M CREDIT FACILITY FROM GOLDMAN SACHS, CROSS RIVER AND WATERFALL ASSET MANAGEMENT
Deserve, the venture-backed fintech company expanding and powering the real-time credit card economy, announced today a new $250 million credit facility with Goldman Sachs, Cross River, and Waterfall Asset Management.
With Deserve’s digital-first, mobile-centric, and highly configurable credit card platform, the company will use this new funding to meet the growing demand from financial institutions, fintechs, and consumers.
In the last year, Deserve’s platform business has successfully launched credit card programs for partners such as BlockFi, M1 Finance, OppFi, Seneca Women, Notre Dame Global Partnerships, and KrowdFit, among others. In 2022 and beyond, Deserve plans to bring innovative card programs that help consumers manage subscriptions, augment BNPL, unlock their home equity as well card programs for SMBs and commercial customers.
“At Deserve, we’re committed to helping organizations quickly and securely launch any type of credit card product in the cloud, customized to their specific audience – a valuable touchpoint with customers and a must-have in today’s landscape of competitive brand loyalties,”
“Because our platform is digital-first and mobile-centric, customers can, in turn, begin using their Deserve-powered credit card minutes after application, no plastic required. We’re excited about what this new financing will enable us to do as we amplify our reach and help more fintechs, financial institutions, SMB lenders, and brands connect with and grow their customer base.”
Kalpesh Kapadia, CEO, and Co-Founder of Deserve.
“We’re proud to support Deserve’s growth with our credit facility, and we’re excited to play a role in bringing a more modern and complete credit card experience to consumers nationwide through Deserve’s credit card as a service platform,”
Rahul Jha, Head of Strategic Direct Lending at Cross River Bank.
This $250 million credit facility announcement comes on the heels of Deserve’s $50 million Series D equity raise, led by Mission Holdings, Goldman Sachs, and Sallie Mae with participation from Visa, Mastercard, and Ally Bank in October 2021. Deserve witnessed tremendous growth in 2021 with 650% growth in transactions volume and 800% growth in receivables and this new credit facility should help them scale even higher levels in 2022 and beyond.
In April 2022, Deserve was recognized by Financial Times and Statista as one of The Americas’ Fastest-Growing Companies 2022, ranked in the Top 10 of the Financial Services category. In November 2021, Tearsheet’s Embedded Awards lauded Deserve as the Best Card Issuing Platform of 2021. Additionally, the LendIt Fintech Industry Awards recognized Deserve as a finalist in the 2021 Innovation in Digital Banking category. Deserve was also ranked #4 on the 2020 Inc. 5000 Series list of the fastest-growing private companies in California.0
CION INVESTMENTS, MAN GROUP, AND ICAPITAL PARTNER TO SCALE ALTERNATIVE INVESTING ACCESS
CION Investments (CION), a leading manager and distributor of alternative investment solutions, and Man Group, a global active asset manager with $151.4 billion1 in AUM, announced today that they have partnered with iCapital2, the leading global fintech platform driving access and efficiency in alternative investments for the asset and wealth management industries.
CION and Man Group are teaming up to create unique, scalable, and accessible investment solutions offered through a joint venture partnership, CION Man Management (CMM). CMM pairs Man Group’s origination, operational, and asset management expertise and CION’s investment acumen, retail product management, and distribution experience. The initial collaboration began with Man Global Private Markets (Man GPM), Man Group’s private markets business.
CMM will leverage iCapital’s customized technology, services platform, and diligence solutions for financial advisors and their high-net-worth clients seeking access to alternative strategies.
“Advisors are responding to the changing, more volatile economic landscape by incorporating alternatives in their client portfolios. Products that simplify access to institutional-caliber investments and managers are seeing increased demand,”
Michael A. Reisner, co-Chief Executive Officer, CION Man Management.
iCapital has transformed how wealth management, banking, and asset management industries facilitate access to private markets investments for their high-net-worth clients by providing intuitive, end-to-end technology and service solutions that digitize the subscription, administration, and operational and reporting processes of alternative investing.
“We are pleased to support CION and Man Group in their venture to meet the needs of advisors for accessible alternative investments,”
“As the industry continues to expand, tech-forward, scalable solutions will support increased appetite.”
Lawrence Calcano, Chairman, and CEO of iCapital.