NEWS
Featured News
Trending News
TERRANOVA CAPITAL ANNOUNCES LAUNCH OF SPAC BACKSTOP AND DESPAC FINANCE PLATFORM.
TerraNova Capital Structured Finance (“TerraNova Capital”), the credit advisory and special purpose finance division of TerraNova Capital Equities, Inc. today announced the launch of their SPAC Backstop and deSPAC finance platform. The TerraNova finance platform will help SPACs identify structured finance solutions in conjunction or in place of PIPE financing and redemption shortfalls.
“With over 200 SPACs seeking to execute completion of their target deSPAC and mergers, many SPACs are concerned about the ongoing constraints in the PIPE Market as well as redemptions,” stated Todd Coffin, Head of Structured Finance.
FINITIVE HONORED ON FINANCIAL TECHNOLOGY REPORT’S 2021 LIST OF TOP 100 FINANCIAL TECHNOLOGY COMPANIES
Finitive, the leading data-driven private credit marketplace, today announced that it has been named one of the Top 100 Financial Technology Companies of 2021 by the Financial Technology Report.
Founded in 2017, Finitive’s tech-enabled platform offers institutional investors access to a multi-trillion-dollar market of private credit opportunities across multiple asset classes and structures, including specialty finance, online lending, marketplace lending, and private credit funds. Using Finitive, borrowers have opportunities to access private credit funding from over 700 institutional investors with over $6 trillion in AUM.
IBM AND SAP TO HELP FINANCIAL INSTITUTIONS ACCELERATE CLOUD ADOPTION TO MODERNIZE OPERATIONS IN A SECURED ENVIRONMENT
IBM (NYSE: IBM) and SAP SE (NYSE: SAP) today announced that SAP intends to onboard two of its finance and data management solutions to IBM Cloud for Financial Services to help accelerate IBM cloud adoption within the financial services industry. The collaboration will be designed to help the companies address the industry’s stringent compliance, security and resiliency requirements, while supporting business transformation and innovation for financial services institutions.
As banks and insurers balance the need to deliver innovative services and meeting the industry’s strict security and compliance requirements, hybrid cloud environments have become increasingly important. To fuel industry-wide innovation, IBM introduced the IBM Cloud for Financial Services with built-in security and compliance controls that help companies reduce risk and regulatory barriers impeding IT landscape modernization, transformation, and innovation.
THE UK RETAINS RANKING AS EUROPE’S MOST ATTRACTIVE DESTINATION FOR FINANCIAL SERVICES INVESTMENT
According to data from EY, the UK acquired 99 investment projects in financial services in 2019. However, in 2020, just 49 were acquired, a significant drop that puts the country only 14% ahead of France.
The latest EY UK Attractiveness Survey for Financial Services found that foreign investment fell by 23% across Europe in 2020, as the pandemic impacted business confidence and foreign travel.
THE EVER-INCREASING NEED TO APPLY FRICTIONLESS BANKING TECHNOLOGY TO CROSS-BORDER TRANSACTIONS
There has been a real drive towards ‘frictionless’ banking in Western countries, giving rise to the question: why aren’t cross-border payments equally frictionless? Especially for those in emerging markets, who have everything to lose and much to contribute.
BUSINESS TRENDS WHICH WILL DEFINE THE NEXT NORMAL
2021 is expected to be a year of change, with businesses around the world optimistic that the months ahead will be brighter than what 2020 dealt us. Many of the micro trends that companies thought would be temporary measures throughout the pandemic have become macro trends that are here to stay. These are a few of the trends that small businesses and entrepreneurs should be watchful of in order to maximise their efforts and enhance the likelihood of success.
UK GOVERNMENT APPOINTS NEW TASK FORCE TO TACKLE GREENWASHING IN FINANCIAL SECTOR
Members of trade bodies, academia, and NGOs will make up the task force, known as the Green Technical Advisory Group (GTAG). The GTAF will be responsible for overseeing the government’s delivery of a “Green Taxonomy”. This common framework will offer comprehensible standards that lay out when a financial product or investment can be classed as environmentally sustainable.
FRENCH AND SWISS CENTRAL BANKS TO TRIAL DIGITAL CURRENCIES
A statement made on Thursday announced that the Swiss National Bank and the Banque De France will look into the feasibility of a cross-national arrangement of two wholesale central bank digital currencies (CBDCs) on blockchain. The SNB has enlisted a private sector consortium (including R3, UBS, and Credit Suisse) which will be led by Accenture.
ZSUITE TECHNOLOGIES ANNOUNCES INTEGRATION WITH Q2’S DIGITAL BANKING PLATFORM
ZSuite Technologies, a financial technology company that powers community financial institutions with digital escrow products for specific commercial verticals, today announced its API integration with Q2’s Digital Banking Platform, leveraging the Q2 Innovation Studio. Through the integration, Q2 clients will be able to take advantage of ZSuite’s solutions via the Q2 Partner Accelerator Program.
Q2’s Partner Accelerator program allows in-demand financial services companies who are leveraging the Q2 SDK to pre-integrate their technology to the Q2 Digital Banking platform. Financial institutions can work with these partners to purchase their solutions and rapidly deploy the standardized integrations to their customers.
TRUIST ANNOUNCES PARTNERSHIP WITH COMMERCE PLATFORM COMPANY AUTOFI
Truist Financial Corporation , through its Dealer Finance and Regional Acceptance business groups, today announced a partnership with commerce platform company AutoFi. Under the agreement, financing options will be available to clients who are shopping for a car through a dealer that partners with Truist or Regional Acceptance as well as the AutoFi platform. This will enable clients to create and submit an online credit application.
NUMERATED ACQUIRES FINCURA TO TAKE THE PAIN OUT OF FINANCIAL SPREADING FOR BUSINESS LENDERS AND THEIR BORROWERS
Numerated, the Inc. 5000’s fastest-growing fintech SaaS company, has acquired Fincura Inc., adding spreading automation and financial analysis to Numerated’s Digital Loan Origination System. The strategic acquisition expands Numerated’s underwriting capabilities for business loans that require deep financial analysis, improving the experience for lenders and their borrowers, and ultimately saving valuable time while improving the financial institution’s understanding of risk.
BLOCKCHAIN SECURITY SOLUTION PROVIDER CYBAVO SELECTED TO PARTICIPATE IN TOKYO FINANCIAL AWARD
Blockchain security firm CYBAVO has been selected as a participant for the Tokyo Financial Award, Financial Innovation Category. Chosen from a pool of 88 applicants, CYBAVO is one of the 16 companies that have moved into the next phase of the prestigious award.
The Tokyo Financial Award is hosted by the Tokyo Metropolitan Government (TMG) as part of its “Global Financial City: Tokyo” project, which aims to revitalize the city’s financial sector and reaffirm Tokyo’s position as the top global financial city in Asia. The award is designed to attract FinTech companies, both local Japanese and international organizations, to develop and provide innovative products and services that contribute to enhancing Tokyo residents’ daily lives and solve problems that Tokyo’s government may face.
XY FINANCE RAISES $12M FUNDING ROUND FROM INVESTORS INCLUDING CIRCLE
Rapidly growing blockchain startup XY Finance has announced that it has closed a $12M funding round led by some of the most prominent venture capital firms in the cryptocurrency space. Led by investors including Circle Internet Financial, LLC, Infinity Ventures Crypto, Mechanism Capital, TRON Foundation, Morningstar Ventures, Yield Guild Games Ventures, Block Capital and Animoca Brands, the full consortium includes more than forty investment firms.
The fund raise also comes as XY Finance is about to conduct its Initial DEX Offering (IDO) on December 9. “XY Finance is excited to acquire significant support from our investors. In the near future, the cross-chain mechanism will be a game-changer of the DeFi ecosystem and GameFi market.” says XY founder Wilson Huang. “Including cross-chain transactions, GameFi, and NFT, what we’re doing will become essential for advanced DeFi users; therefore, we are eyeing more than $1 trillion transaction growth in 2022.”
UDEGO FINANCE LAUNCHES NEW TOKEN ON THE BINANCE SMART CHAIN WITH THE POTENTIAL TO CREATE AN ECOSYSTEM OF FINANCIAL APPLICATIONS
Udego Finance, an open-source, permissionless, and transparent financial service ecosystem launches new cryptocurrency Udego today on the Binance Smart Chain. Udego Finance is an Automated Market Marker (AMM) built on top of blockchain networks. It has the potential to create entirely new financial markets, products, and services.
CETERA EXTENDS INVESTOR ACQUISITION PROGRAM TO ALL AFFILIATED FINANCIAL PROFESSIONALS BASED ON ORGANIC GROWTH RESULTS
Cetera Financial Group, one of America’s largest networks of financial professionals, today announced that its investor acquisition program is expanding to all Cetera-affiliated financial professionals and that participants are eligible for reimbursement of their investment into the program. LeadEngine, which is powered by SmartAsset – the largest lead generation platform for financial professionals – is Cetera’s exclusive investor acquisition program that connects financial professionals directly with highly qualified prospects who are actively seeking a financial professional.
DAKOTA CREDIT UNION ASSOCIATION COLLABORATES WITH LEADING AI-BASED CREDIT DECISIONING PLATFORM PROVIDER SCIENAPTIC AI
Scienaptic announced today a collaboration with the Dakota Credit Union Association (DakCU) enabling the company to offer its AI-based credit underwriting technology to credit unions throughout North and South Dakota.
The Dakota Credit Union Association (DakCU) is a professional financial trade association serving 69 credit unions with more than 520,000 members in North and South Dakota, with assets of more than $9.4 billion and are currently providing Dakota consumers with over $5.7 billion in loans. The goal of this alliance is to extend the accessibility and power of AI to smaller credit unions in the region. The collaboration will help reach more credit unions regardless of asset size, making AI more attainable across the states.