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VINSON & ELKINS LAUNCHES AVIATION FINANCE PRACTICE
Vinson & Elkins announced today that it has expanded its global Finance practice group with the addition of partners David Berkery and Niels Jensen, who between them have advised many of the world’s leading financial institutions, investment banks, airlines, aircraft leasing companies and private investors on all aspects of the acquisition, leasing, financing and trading of aircraft. Joining them is a team of associates, including Demetria Hueth and Coral O’Connor, both from Milbank in New York. The group will be located in the firm’s New York office.
HALO ADVISORY LAUNCHES INDEPENDENT MORTGAGE BROKERAGE
Founder Stephen Thomas recently recognized as the Best Commercial Mortgage Broker launches a Mortgage Brokerage focused on Commercial Mortgages. HALO today announced HALO Mortgage Advisory Inc., a new full service Commercial Mortgage Brokerage. HALO Mortgage Advisory Inc. is an independent mortgage brokerage which offers commercial mortgage services to commercial property owners, residential mortgage brokerages, and commercial real estate industry professionals.
WEALTHKERNEL RAISES $7M SERIES A+ TO EXPAND INTO EUROPEAN MARKETS AND BOLSTER API INVESTMENT INFRASTRUCTURE
WealthKernel, a provider of digital investment services and infrastructure, today announces a Series A+ funding round, securing a further investment of US$7m. Already one of the leading embedded investing providers in the UK, WealthKernel will use the additional investment to support its integration of intraday trading and the expansion of its services into European markets.
STOIK COMBINES CYBER INSURANCE PRODUCTS WITH ACTIVE SECURITY MONITORING
Meet Stoik, a new French startup that wants to protect small and medium companies against cybersecurity incidents. The company offers an insurance product as well as a service that monitors your attack surface.The startup recently raised a $4.3 million (€3.8 million) seed round from Alven Capital, Anthemis Group, Kima Ventures as well as several business angels, such as Raphaël Vullierme, Emmanuel Schalit and Henry Kravis.
E.SUN FINANCIAL HOLDING JOINS THE PARTNERSHIP FOR CARBON ACCOUNTING FINANCIALS
E.SUN Financial Holding Company (E.SUN FHC), the first signatory of “Business Ambition for 1.5°C” among banks in Asia, now advances to join the Partnership for Carbon Accounting Financials (PCAF). E.SUN FHC pledges intermediate targets approved by SBTi, and now advances to join PCAF. (Photo: Business Wire).
MONEYGRAM LAUNCHES PARTNERSHIP WITH JAPANESE FINTECH SMILES TO ENABLE INTERNATIONAL MONEY TRANSFERS
MoneyGram International, Inc. , a global leader in the evolution of digital P2P payments, today announced a strategic partnership with Digital Wallet Corporation, a global fintech company and the owner of Smiles Mobile Remittance (Smiles), a leading mobile money transfer service and digital wallet in Japan. Consumers in Japan can now use the Smiles mobile app – powered by MoneyGram’s global payment rails and near real-time capabilities – to send money to more than 200 countries and territories around the world.
CBANC LAUNCHES ONLINE B2B FINTECH MARKETPLACE FOR CREDIT UNIONS AND COMMUNITY BANKS
CBANC, the financial industry’s largest verified online community of banking and credit union professionals, announced today the launch of it’s comprehensive platform that includes the industry’s largest online marketplace of products and solutions designed specifically to meet the needs of financial institutions.
The new CBANC Marketplace launches with data and information for 1,000 products from over 450 companies providing innovative solutions and services to banks and credit unions. With content provided and powered by the companies who serve U.S. based financial institutions, the CBANC Marketplace offers the industry the most up-to-date, comprehensive catalogue of products and services and enables financial professionals to connect with vendors and service providers that best meet their needs.
ONECONNECT INKS NEW STRATEGIC PARTNERSHIP AGREEMENT WITH CHENGFANG FINANCIAL TECHNOLOGY
OneConnect Financial Technology Co., Ltd. , a leading technology-as-a-service platform for financial institutions has today announced it has entered into a strategic partnership with Chengfang Financial Technology Co. Ltd., (abbreviated as “Chengfang Financial Technology”), a financial technology company established by the People’s Bank of China (“PBOC”). Working with shared principles of equal collaboration, joint development, honesty and trustworthiness, both parties will work together to address common pain points in the financial industry, deliver technological innovations, and enhance data processing and governance.
KANI PAYMENTS SELECTED FOR MASTERCARD START PATH GLOBAL PROGRAMME
Kani Payments, the disruptive UK data reconciliation, and reporting platform have today announced that it has been selected as a Mastercard Start Path company. Approximately 1,500 start-ups annually are evaluated for entry into the program.
Now, part of the latest cohort of the highly sought-after program, which has only a 2% acceptance rate, Kani Payments will have an opportunity to co-innovate with Mastercard to scale its automated reconciliation platform and advance its global expansion plans.
The award-winning SaaS platform has already reconciled more than €10 billion in processed payments volume to date and will use the unique opportunity to bring automation, accuracy, and compliance to payments reconciliation and reporting to fintechs, acquirers, and financial institutions worldwide. This is at a time when data volumes are surging exponentially, having a massive effect on the data-heavy fintech sector: the amount of data globally is expected to reach 175 zettabytes by 2025, increasing from an estimated 44 zettabytes in 2020.
Having already successfully disrupted the fintech scene in the North of England and forged relationships with a range of companies across the fintech spectrum globally, payment service providers, and other data-intensive businesses, Kani Payments will also have access to a diverse customer base as it executes plans to expand into the US and Asia in 2022.
Founded and led by Aaron Holmes, previously Chief Information Officer for Global Processing Services (GPS), the company takes pride in being an innovative and agile company that has been built from the ground up to transform a fast-paced and exciting sector.
“Joining the Mastercard Start Path Global program is the latest exciting stepping stone in what’s already been an impressive and successful story for our ambitious company. We‘re proud to be trailblazing a fintech hub from our special corner here in the UK while charging into new markets and territories, as well as attracting and retaining a team of top, diverse talent outside the capital.”
“The support, insight, and knowledge we will gain from the team at Mastercard as part of this scheme will not only be of invaluable insight and benefit to Kani Payments but, more importantly, our existing and prospective customers who have come to rely on the efficiencies afforded by our unique platform.”
“We strive to save even more businesses vast amounts of time and help them to tackle the problem of the increasingly complex digital payments, regulation, and compliance requirements so that they can spend more time focusing on building superb fintech products and services.”
Aaron Holmes, CEO & Co-founder, Kani.
Mastercard Start Path is an award-winning start-up engagement program within the Mastercard Developers portfolio, which provides the services and tools fintech innovators need to iterate at each stage of their journey, transform bold ideas and achieve scale at pace to bring more people into the digital economy.
Founded in 2014, the scheme has engaged nearly 300 start-ups globally. Today these organizations are entering the public markets, reaching unicorn status, and entering extended commercial engagements with Mastercard and its customers.
Naresh Ponnana, Start Path Global lead at Mastercard, has mentored more than a dozen start-ups at Mastercard and works with the start-up founders to refine their vision with a deep dive into their business model and product.
“With start-ups, we know they’re juggling concepts for many products, across many markets, and many customers. Through the program, we try to point them to the one unique idea or opportunity to take to market in collaboration with Mastercard and our customers.”
“The Start Path program acts as a springboard for co-innovation with the start-ups, and in some cases, the opportunities tend to realize only after the program ends — either through the continued engagement with their mentors or through the host of other programs within the Mastercard Developers portfolio, from Engage to Fintech Express.”
Naresh Ponnana, Start Path Global lead at Mastercard
With previous success stories including Shieldpay, which utilized the program to build connections and unveil a sister solution called Paycast, as well as Zeta, the banking tech unicorn that launched a global partnership to jointly launch credit cards with issuers worldwide, the Mastercard Start Path Global program promises great things for forward-thinking companies such as Kani Payments.
FISERV ACCELERATES OPEN FINANCE AND ENABLES COLLABORATION AMONG FINANCIAL INSTITUTIONS AND FINTECHS WITH APPMARKET LAUNCH
The fintech solutions available in AppMarket will empower Fiserv financial institution clients to use open finance strategies to address emerging opportunities in crypto finance, gig economy banking, small and mid-size business (SMB) lending, and other priorities. AppMarket will help financial institutions of all sizes to accelerate speed to market, deliver tailored services to target markets and appeal to younger generations.
The adoption of fintech apps is widespread. The recent Expectations & Experiences: Fintech Adoption consumer trends survey from Fiserv found that 86% of consumers use some kind of fintech app. This trend can put financial institution revenue at risk and dilute customer relationships. By partnering with fintechs to quickly incorporate compelling new capabilities into their offerings, financial institutions can expand customer relationships while diversifying and growing revenue.
“The efficacy of financial technology providers is now gauged not just by the strength of their individual solutions, but by the breadth and openness of the ecosystems they provide – by how easy they make it for clients to tap into an array of fintech solutions and providers,”
“Fiserv is enabling its clients to leverage fintechs to differentiate their offerings and appeal to digital-first consumers.”
David Albertazzi, Director, Retail Banking & Payments at Aite-Novarica Group.
One financial institution that has embarked on a new fintech partnership with assistance from Fiserv is The Milford Bank.
“We were looking for a partner to help serve the borrowing needs of small business customers efficiently. With StreetShares and Fiserv, we’re able to provide an easy-to-use platform that supports the lifeblood of the communities we serve – small businesses,”
Jorge Santiago, Executive Vice President at The Milford Bank.
Which has implemented Atlas Business Lending, an end-to-end digital small-business lending solution from StreetShares.
“Last year, Fiserv reached a major milestone in our open finance initiative by publishing normalized APIs across our bank platforms through Developer Studio, giving developers the ability to integrate once and connect across multiple Fiserv cores,”
“The launch of AppMarket is the next big step in fostering innovative collaboration between financial institutions and fintechs, to their mutual benefit, and the benefit of consumers everywhere.”
Niranjan Ramaswamy, vice president of Embedded Fintech at Fiserv.
Fintechs that offer their solutions in AppMarket will gain access to thousands of financial institutions that partner with Fiserv and the millions of consumers they serve. In the future, fintechs will be able to connect with sponsor banks through AppMarket and select Fiserv services to enhance their digital experiences, such as ledger-as-a-service and know-your-customer (KYC) as-a-service.
With AppMarket and Developer Studio, Fiserv continues to help its clients deliver solutions in step with the way people live and work today – financial services at the speed of life.
INTELLECT GLOBAL TRANSACTION BANKING PARTNERS WITH MICROSOFT
Intellect Global Transaction Banking (iGTB) announced it will integrate Microsoft Cloud for Financial Services to accelerate cloud adoption and digital transformation initiatives of corporate banks.
The collaboration will see iGTB adopt Microsoft as its preferred cloud platform to remove traditional barriers to banking technology adoption, thereby helping banks go to market 3 to 4 times faster with Liquidity, Cash Management, Payments, Trade Finance & Supply Chain Finance cloud offerings to their corporate clients. This collaboration is set to drive sustained banking digitalization, help banks transform their corporate banking business models, modernize their cloud technology stacks, and consume “Banking-As-A-Service” out-of-a-box.
Banks can now get access to bank-grade secure and hyper-scalable cloud infrastructure paired with iGTB’s cloud-native banking technology to fully support burgeoning customer demands and regulatory needs.
Banks earned a colossal almost-$1 trillion from commercial banking, with high and growing demand for SaaS applications. Transaction banks, truly the heart of global commerce, serve over 200 million corporations worldwide with critical needs for unprecedented agility, vital working capital, and for the ability to navigate the shifts in the supply chain. Corporate banks aim to spend by 2025 $9.3bn just on applications, with SaaS cloud spending growing to 25% of it.
To accelerate cloud adoption of transaction banking platforms, iGTB and Microsoft will work together to jointly develop four specific platforms:
- iGTB Liquidity for banks to offer their clients, already deployed in 57 regulated countries, that today sweeps over $4tr cash and pools over $35tr balances per year and recently the only offering rated Best in Class in an independent report from Aité-Novarica.
- iGTB Cash Cloud: A comprehensive cash management platform – deployable with no Capex and resulting in 50% lower TCO with the ability to go live in as fast as 10 weeks, and with three offerings:
- CashNow: bringing innovation to the business banking segment, a ready-to-use platform with a 10-week go-live plan
- CashXtra: rejuvenation of the critical Micro, Small, Medium Enterprises (MSME) banking market with an 18-week go-live plan
- CashPower: a comprehensive platform that provides scale to servicing mid-size and large corporations that can go live in as fast as 25 weeks.
- iGTB Payments: Contextual Payments-as-a-Service platform to place banks at the forefront of payments modernization initiatives built on a composable, micro-service, cloud-native architecture for elastic scalability. iGTB Payments today supports volumes of $500bn payments per day at a leading global bank and is available in 43 markets worldwide.
- iColumbus.ai: Bringing Artificial Intelligence to the first and only integrated Trade and Supply Chain Finance platform that runs on an architecture that is built for the cloud. Named after the pioneer whose discoveries eventually opened up the world to truly global international trade, iColumbus.ai today underpins the largest trade finance transformation in Europe and the largest trade & supply chain finance transformation in the Asia Pacific.
“I’m excited to bring iGTB’s capabilities to more banks and their corporates through Microsoft Cloud. I believe the commercialization of corporate banking relies on getting the power of transaction banking platforms into the hands of as many banks as possible, and our collaboration with Microsoft is an important step along that path.”
“This collaboration with Microsoft allows just that: security and worry-free scalability while allowing the bank to launch products 3x to 4x faster, deploy updates and enhance the customer experience quickly and easily. Equally importantly, it frees up capital, lowers the complexities and risks associated with the traditional digital transformation, and significantly reduces time-to-value. We look forward to taking together the “Banking-As-A-Service” proposition to 1000 banks across 70 countries, and helping them dramatically expand their transaction banking business at a lower cost.”
Manish Maakan, CEO iGTB.
“iGTB’s integration of the Microsoft Cloud creates a powerful platform for banks to streamline and modernize their transaction banking business in the cloud. Together, we look forward to delivering a faster path for innovation and responsible growth, with the hyper-scale flexibility and security essential for the financial services industry.”
Bill Borden, Corporate VP of Worldwide Financial Services at Microsoft.
MINDTREE AND SAPIENS ANNOUNCE PARTNERSHIP TO DIGITALLY TRANSFORM THE INSURANCE INDUSTRY
Mindtree, global technology services, and digital transformation company, and Sapiens International Corporation and a leading global provider of software solutions for the insurance, banking, and financial services industries, today announced a partnership to help insurance companies drive digital transformation.
The combination of Sapiens’ industry-leading, cloud-native, a core suite of banking and insurance applications, and Mindtree’s deep domain knowledge and expansive delivery capabilities will enable insurance companies to increase scale, speed-to-market, and customer satisfaction as they embrace digital. Initially designed to support insurance system implementations, the partnership will first focus on North America and subsequently grow into Europe and Asia.
“We are delighted to partner with Mindtree in the Property & Casualty and Life & Annuity insurance markets. Our collective insurance industry and digital transformation experience will further strengthen our delivery capabilities and scale, which will drive continued growth and customer satisfaction,”
“Together, we will power insurers with the competitive edge to meet market demands and succeed in the digital age of insurance.”
Jamie Yoder, North America President and General Manager at Sapiens.
“Our partnership with Sapiens emphasizes our longstanding commitment to innovation,”
“Digital technologies have unlocked a significant opportunity for banking, financial services, and insurance companies to not just streamline processes, but also drive new business and operating models centered on engaging and disruptive experiences. The combined strengths of Mindtree and Sapiens will enable these companies to maximize digital transformation and business outcomes.”
Mukund Rao, CBO for Banking, Financial Services, & Insurance at Mindtree.
Sapiens’ full set of offerings for P&C, L&A, and banking empowers customers to improve operational efficiency, expand revenue streams, and increase customer engagement and satisfaction using digital and omnichannel experiences. Sapiens CoreSuite enables P&C insurers to rapidly deploy core systems on the cloud, including business intelligence, reinsurance, and portal solutions for all lines of business.
By combining Sapiens’ knowledge acquired through years of customer engagements around the world with Mindtree’s industry-leading, digital-first implementation processes and global scale, the two companies will help customers lower risk and speed up implementations and integrations.
GR4VY SIMPLIFIES INTERNATIONAL EXPANSION FOR MERCHANTS WITH NEW GLOBAL PAYMENT PARTNERSHIPS
Gr4vy, a cloud-native payments company, today announced new partnerships with Boku and EBANX to quickly give merchants access to local payment methods in new geographies. These partnerships will fuel international growth and revenue while reducing risk, resource burden, and the overall total cost of ownership.
Merchants can now access billions of emerging market consumers across Africa, Asia, Latin America, and the Middle East. Importantly, this comes at a time when the transaction value of digital commerce in Latin America is projected to increase 73%, and payment revenue in APAC is forecasted to reach $935 billion by 2025.
“Until now, merchants have had to build individual integrations for each new local payment method they wish to support in each new market they enter. At Gr4vy, we wanted to make it easy for merchants to expand their payments strategy into new markets,”
“Bringing these new partnerships to the Gr4vy platform means merchants can now easily offer localized payment methods and services in new geographies, without writing code or the need for large developer teams.”
John Lunn, Founder, and CEO of Gr4vy.
Through its partnership with EBANX, a payments platform that works with large global brands such as Shein, Amazon, Shopee, and Uber, Gr4vy merchants now have access to one of the biggest user bases in Latin America (an estimated 100 million customers by the end of 2022). EBANX and Gr4vy will enable merchants to increase revenue in the fast-growth region with an end-to-end local payment solution that meets local consumer payment preferences, including debit and credit cards, bank transfers, and digital wallets.
With Gr4vy’s Boku connector, merchants can access its M1ST Payments Network, consisting of 350+ local mobile payment methods, including popular app-based payments such as Alipay, WeChatPay, GrabPay, and ShopeePay, as well as ubiquitous SIM-based payments that can place charges against any mobile phone bill in the world. Merchants will be able to access customers in over 91 countries across Asia, Europe, Latin America, the Middle East, and Africa.
Gr4vy’s cloud-native infrastructure platform modernizes payment orchestration. The only payment orchestration platform (POP) built natively in the Cloud, Gr4vy’s platform empowers merchants to manage payment methods, services, and transactions while eliminating single points of failure and shared infrastructure risks. Gr4vy can also spin up an Edge to any instance and deploy it where needed, regardless of location, to help merchants meet regional data privacy and protection regulations.
FINASTRA TEAMS UP WITH ECOTREE TO PROVIDE A GREEN OFFERING FOR BANKS ON THE JOURNEY TO NET-ZERO EMISSIONS
Finastra today announced that it has teamed up with EcoTree, a specialized forestry company focused on carbon removal and biodiversity preservation through tree planting and sustainable forestry management. The initiative provides Finastra customers the opportunity to remove the carbon footprint associated with both the running and implementation of technological solutions, an important step as banks and financial institutions move towards net-zero carbon emissions. Finastra will also use the service to balance its emissions, supporting its goal to become carbon neutral by 2030.
“Finastra has a strong ESG framework, a commitment to helping the financial services industry do better for the environment, and a clear dedication to becoming carbon neutral itself. We are proud to work with them and their customers on this journey,”
“This move will reduce the environmental impact of vital technological solutions and stands out from traditional offsetting programs as we focus on eliminating carbon from the atmosphere for good. It is encouraging to see companies taking accountability for their footprints and building partnerships that have the potential to help save our planet and humanity from the devastating impact of climate change.”
Thomas Canguilhem, International CEO at EcoTree.
Customers of Finastra’s solutions opting for this service benefit from a simple green partnership that enables them to be allocated trees from Finastra’s Forest to remove any emissions associated with both the implementation and running of Finastra’s software. EcoTree’s unique approach provides a nature-based carbon removal program that, rather than avoiding emissions like many offsetting projects, results in a net carbon reduction through sequestering carbon from the atmosphere. The business rationale of the model is tied up in the natural growth of a tree as a physical asset, which also creates a safe home for forest animals and captures carbon along the way.
“Our partnership with EcoTree means that our customers’ supply chain carbon footprint or “Scope 3″ emissions with Finastra can be completely balanced,”
“This is an exciting and highly collaborative initiative to reduce the environmental impacts that the financial services sector as a whole contributes to climate change. Given our large global customer base, removing the digital carbon footprint both for our customers and for our business through our 10-year commitment to EcoTree’s sustainable forestry management initiative is a significant step, as we move towards our own carbon-neutral goal by 2030. We are delighted to announce this news around Earth Day, which this year is focused on investing in our planet – a fitting call to action that aligns so closely with the environmental value we endeavor to create through our ESG strategy and green partnerships.”
Jay Mukhey, Senior Director, ESG at Finastra.
EcoTree’s methodology for calculating carbon capture and storage (sequestration) is verified by Bureau Veritas. Participating banks receive a certificate that proves a carbon removal contribution.
PYMNTS LAUNCHES THE CONNECTEDECONOMY INDEX
PYMNTS today launched the ConnectedEconomy (CE) Index, supported by Stripe, a metric that benchmarks the progress of the world’s digital transformation. The CE Index is the first-of-its-kind global research endeavor that uses in-depth consumer surveys to examine their digital engagement in 40 activities across 10 pillars that represent the Connected Economy.
The CE Index methodology is based on a framework that PYMNTS created in January 2020 called the ConnectedEconomy that organizes a consumer’s daily routine into 10 categories — called “pillars” — and the 40 activities they perform to complete them. How people all over the world use connected devices, payments, and new technologies to work, live, bank, pay and be paid, have a fun, shop, eat, stay healthy, connect with others and move from point A to point B will determine the depth, breadth, and speed of the world’s digital transformation.
The CE Index rankings reflect a study conducted by PYMNTS of more than 15,000 consumers across 11 countries between January 13 and February 16, 2022, to learn how and how often consumers engage in each of the 40 activities, and the purchases they made, and the payment methods they used. The countries surveyed—United States, France, Germany, Italy, Netherlands, Spain, the United Kingdom, Brazil, Australia, Japan, and Singapore—together account for roughly half of global GDP.
The CE Index measures how much progress each country has made in its digital transformation journey. A 100 is a perfect score — meaning that every person in a country uses digital methods to engage in each of the 40 activities we measure with great frequency.
Key findings of the first study for Q1 2022, including
- 87% of consumers studied are connected to the internet, yet only 19% are highly engaged in digital activities
- Digital engagement worldwide has reached 27% of its full potential
- The US ranks in fourth place with a CE Index ranking of 30, Singapore ranks highest with a CE Index score of 35
- The digital transformation has to engage people of all ages to reach its full potential.
- Digital transformation’s “flywheel” spins more rapidly when consumers engage in one digital activity and expand to ones with similar digital characteristics
- Consumers are nearly 1.5 times more likely to be engaged in activities purpose-built for digital than those that are purely transactional, like banking or making retail purchases.
- Cards power the digital transformation today, but consumers worldwide are warming to alternatives.
“Finally, an objective benchmark for how and at what pace the digital transformation of countries and their economies are progressing,”
“What we find is that, in many ways, we’re just getting started – which means there’s enormous upside for innovators to create the experiences that will blend the digital and physical worlds in new and powerful ways — accessible to anyone, anywhere, anytime in the world.”Karen Webster, CEO of PYMNTS.
VERSAPAY ACQUIRES LEADING CASH APPLICATION FINTECH COMPANY DADESYSTEMS
Versapay, the leader in Collaborative Accounts Receivable, announced today it has completed its acquisition of U.S.-based fintech company DadeSystems. The acquisition broadens Versapay’s suite of accounts receivable (AR) automation solutions and expands its AI and machine learning capabilities. It also expands the company’s enterprise and mid-market footprint while adding key talent to the growing Versapay team.
“We are very excited to welcome DadeSystems’ employees, customers, and partners to Versapay,”
“Versapay and DadeSystems have enjoyed a successful partnership for some time, and most importantly we share a common vision for the digitization of the AR process. Together, we can accomplish even more to close the digital transformation gap in AR, optimizing our clients’ cash flow and driving operational efficiencies.”
Craig O’Neill, CEO, of Versapay.
DadeSystems has been a long-term technology partner of Versapay. The company’s flagship DadePay cash application software automates one of the most challenging parts of AR by streamlining the receipt, matching, and reconciliation of payments no matter how they are received, and is already embedded in Versapay’s cloud-based, automated AR platform. Now, all DadeSystems solutions, including mobile offerings, will be available to Versapay’s clients and partners. By adding DadePay solutions to Versapay’s Collaborative AR Network, enterprises can digitize and automate all their customer payments, including checks, bank-to-bank transfers, credit cards, and mobile payments.
The combined company automates more than $60 billion in payment volume annually and has achieved rapid revenue growth in the past 12 months. DadeSystems investor, Ten Coves Capital, is rolling its stake into Great Hill Partners-backed Versapay, while both Great Hill Partners and Ten Coves Capital are contributing additional capital to fund the acquisition.
“This acquisition will give Versapay an unmatched, comprehensive suite of AR automation solutions, perfectly positioning the company to capture the growing market opportunities,”
“We look forward to a successful partnership as these innovators come together to revolutionize the way accounts receivable teams work.”
Matt Vettel, Managing Director, Great Hill Partners.
DadeSystems predominantly serves upper mid-market and enterprise customers, including two of the ten largest U.S. food distributors, two of the ten largest U.S. building materials, and nine of the sixty-five largest U.S. banks in addition to being a technology provider for Wells Fargo‘s and Fifth Third’s accounts receivable automation solutions. DadeSystems also brings important partners to Versapay, such as Fiserv, to support the company’s rapid growth.
“We are thrilled to become part of Versapay,”
“The accounts receivable function has been desperately in need of a workflow revolution. The cloud-based solutions that both our teams have introduced are making this happen. By joining forces, we will see even faster growth and a bigger impact on the industry’s digital transformation.”
Bill Zayas, CEO, DadeSystems.
The DadeSystems team will continue to operate in Miami and will be fully integrated with Versapay’s North American teams.
Alston & Bird LLP acted as legal advisor to Versapay. William Blair acted as exclusive financial advisor and Morris; Manning & Martin LLP acted as legal advisor to DadeSystems.