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CETERA BRANCH COMMUNITY POSTS RECORD GROWTH, SPOTLIGHTING BUSINESS-BUILDING SUCCESS FOR FINANCIAL PROFESSIONALS
Cetera today revealed accelerated growth for its branch community in the two years since it acquired the assets of Foresters Financial’s U.S. brokerage and investment advisory business. Since June 2019, assets under management increased 150% and assets under administration increased 36%. In addition, the branch community nearly tripled its advisory accounts (a 195% increase).
“Our growth strategy is driven by our purpose to deliver best-in-class financial advice to as many investors as possible through the Advice-Centric Experience®,” said Jeff Buchheister, Chief Financial Officer at Cetera. “We achieve this by accelerating growth for our network of financial professionals through a proven framework that meets them where they are via a community structure that supports multiple affiliation models. We also bring growth-oriented financial professionals into this framework through a comprehensive acquisition strategy that enables new financial professionals to leverage the benefits of scale, a world-class technology platform and operational efficiency.”
ALLY FINANCIAL CLOSES ACQUISITION OF CREDIT CARD PLATFORM FAIR SQUARE FINANCIAL
Ally Financial Inc. today announced it has closed its acquisition of Fair Square Financial, a digital-first credit card company.
“The addition of Fair Square and its credit card offerings will enhance our suite of consumer products and aligns with our long-term strategy to be the leading full-service digital-bank,” said Ally Chief Executive Officer Jeffrey J. Brown.
Fair Square is a customer-centric, digital-first credit card company generating strong growth and solid credit results since being founded in 2016.
TASSAT ANNOUNCES EXECUTIVE LEADERSHIP CHANGES TO ACCELERATE GROWTH OF DIGITAL PAYMENTS PLATFORM
Tassat Group Inc., the leading blockchain technology provider of digital payment systems for banks’ B2B clients, today announced three major appointments to its executive leadership team. The leadership selections come in response to growing interest in the TassatPay™ platform, which enables banks to issue cash-backed stablecoins, facilitating real-time payments for their B2B clients.
BILLINGPLATFORM ENHANCES REAL-TIME REVENUE MANAGEMENT SOLUTION TO HELP ENTERPRISES STREAMLINE FINANCIAL CLOSE
BillingPlatform, the revenue management solution for today’s innovative business models, today announced it has added new, enterprise-grade capabilities to its Revenue Recognition solution. The new capabilities are specifically designed for accounting staff to automate the entire billing and revenue recognition process in a single solution that leverages the same data model and delivers true real-time revenue management, helping to reduce errors, mitigate company risk by adhering to accounting standards and accelerate the close process.
HEPSIBURADA’S HEPSIPAY ANNOUNCES INNOVATIVE PAYMENTS PARTNERSHIP WITH PAYCELL, FINTECH ARM OF TURKCELL
HepsiPay, the digital open wallet of leading Turkish e-commerce platform Hepsiburada , today announces a new payment agreement with Paycell, the fintech subsidiary of Turkey’s leading telecom operator, Turkcell (NYSE: TKC). The agreement will enable consumers to shop easily on the Hepsiburada platform without the need for a bank card by using the new direct carrier billing capability on HepsiPay Wallet.
Beginning in December, Turkcell customers who do not have or do not prefer to use a bank or credit card, will enjoy a frictionless shopping experience on the Hepsiburada platform. Customers will be able to quickly and easily transfer money to their HepsiPay Wallet, with the final top up amount reflected on their next Turkcell bill.
OPEN LAUNCHES NO-CODE EMBEDDED FINANCE PLATFORM ZWITCH
Open launches no-code embedded finance platform – Zwitch. Embedded finance helps fintechs and non-fintech companies to launch or embed financial services like banking, payments, cards, lending etc into their existing product or service thereby increasing sales, customer engagement, or additional revenues channels.
Open’s no-code platform Zwitch empowers anyone to embed financial services without any technical knowledge. Zwitch also has low-code and full stack API competencies.
MASTERCARD EXPANDS SUPPORT OF LATIN AMERICA REAL-TIME PAYMENTS WITH ACQUISITION OF ARCUS
Mastercard today announced it has acquired Arcus FI, an alum of the company’s Start Path program, to help support the delivery of bill pay solutions and other real-time payment applications across Latin America.
With offices in New York and Mexico City, Arcus helps to enable bill pay and cash-in, cash-out services for some of the biggest billers, retailers, fintechs and traditional financial institutions in the U.S. and Mexico, with expansion into Latin America. Its flagship solution, the Arcus Pay Network, has access to the largest retailers and direct connection with many of the largest billers in Mexico.
PAYCAST PARTNERS WITH MARQETA AND MASTERCARD FOR NEW MARKETPLACE PAYMENT SOLUTION
Marqeta , the global modern card issuing platform, Mastercard (NYSE: MA), a leader in global payments, and Paycast (an SPG Company), the marketplace payment engine, announced today a collective partnership to power and launch a digital card product to offer faster and more convenient ways for marketplace sellers to get paid and do business.
Specialising in high-value and time-sensitive transactions, Paycast enables marketplaces to hold funds in escrow between buyers and sellers until the conditions of sale have been verified. The ability for marketplace sellers to access these funds immediately on a virtual card provides more choice and a modern experience for accessing proceeds quickly and securely.
HARGREAVES LANSDOWN SELECTS BOTTOMLINE TO FUTURE-PROOF PAYMENTS
Bottomline, a leading provider of financial technology that makes complex business payments simple, smart and secure, today announced that UK-based Hargreaves Lansdown plc, the UK’s number one investment platform for private investors, has selected Bottomline PTX to support its ‘cloud-first’ payments strategy.
VISA COMPLETES ACQUISITION OF TINK
Visa today announced that it has completed the acquisition of Tink, an open banking platform that enables financial institutions, fintechs and merchants to create products and financial services and to transfer money. Through a single API, Tink enables its customers to make money transfers, access aggregated financial data, and use smart financial services such as risk intelligence and account verification. Tink is integrated with more than 3,400 banks and financial institutions, and concerns several million banking customers in Europe.
OAKTREE AND 17CAPITAL ANNOUNCE STRATEGIC PARTNERSHIP
Oaktree and 17Capital are pleased to announce an agreement for Oaktree to acquire a majority stake in 17Capital. 17Capital specializes in providing non-dilutive capital to high-quality private equity management companies, funds and institutional investors that are seeking to finance value creation and portfolio management initiatives. Oaktree is a leader among global investment managers specializing in alternative investments, including credit, private equity, real assets and listed equities.
SIMPLICITY ACQUIRES OPTIMA FINANCIAL & INSURANCE SERVICES
The Simplicity Group, one of the nation’s leading financial products distribution businesses, today announced the acquisition of San Rafael, CA-based Optima Financial & Insurance Services. The financial services firm, with a focus on Life and Annuity products, is the 33rd company to join Simplicity.
BROWN & BROWN, INC. ENTERS INTO AGREEMENT TO ACQUIRE GLOBAL RISK PARTNERS LIMITED
J. Scott Penny, chief acquisitions officer of Brown & Brown, Inc., Searchlight and the management ownership team of Global Risk Partners Limited, today announced that the parties have entered into an agreement to acquire the GRP insurance operations. The transaction is expected to close in the third quarter of 2022, subject to certain closing conditions, including the receipt of required regulatory approvals for the Acquisition (including the approval of the Financial Conduct Authority of the United Kingdom).
WESTERN UNION COMPLETES FIRST CLOSING OF ITS BUSINESS SOLUTIONS DIVESTITURE
The Western Union Company, a global leader in cross-border, cross-currency money movement and payments, announced the Company has completed the first closing of the divestiture of its Business Solutions segment to a consortium of Goldfinch Partners, LLC (“Goldfinch”) and The Baupost Group, LLC (“Baupost”) for approximately $910 million in cash.
ALVIERE LAUNCHES AUTOMOTIVE EMBEDDED FINANCE PLATFORM
Alviere, a leading global embedded finance technology platform enabling any brand to offer a complete array of financial products and services to customers, fans, and employees, recently announced that AutoPay Plus, an automated loan payment service, offers a unique value proposition to its dealership partners across the country. AutoPay Plus offers car buyers and other consumers flexible payment options matched to their paychecks, leading to better budgeting, preventing late fees, and accelerating the loan payoff.
MOBI724 TO ACQUIRE LEADING B2B MARKETPLACE TO ACCELERATE GROWTH IN LATIN AMERICA
Accretive Combination with Avenida+ Will Allow Provision of End-To-End Solutions to Financial Institutions Significantly Enhances Revenue and Enables near Term Positive Net Cash Flow Further establishes Mobi724 as a leading fintech in Latin America and leverages its first-mover advantage in the fast-growing payment card market. Will accelerate Mobi724’s expansion into Latin America with an enhanced geographic presence, additional products and services, new revenue streams and numerous cross-selling opportunities.