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Revolut Launches Online Checkout Feature With One-click Payment – Revolut Pay
Revolut, the global financial super app with over 20 million retail customers, today launched Revolut Pay – a new secure online payment feature enabling merchants across the UK and EEA to showcase ” Revolut Pay” as a payment method on product, cart and checkout page.
Revolut Pay aims to disrupt the payment ecosystem by making online shopping easier as it facilitates direct payments while providing top-notch security for Revolut users: payments will be authenticated through security features like Face ID or fingerprint unlock, and no account numbers will be shared. In turn, this will help prevent fraud and protect users’ funds when shopping.
Revolut Pay is a fast, easy and secure way to pay online or on mobile. Consumers can pay with one click and earn money on purchases as they spend. Existing Revolut users can use Revolut Pay and pay via their saved card or directly through their Revolut account balance. Non-Revolut users can easily pay with a registered Mastercard or Visa card issued by other vendors.
Revolut Pay will solve problems for sellers as well as buyers: Online merchants lose up to 80% of their sales due to customers abandoning their shopping carts. Shoppers often cite lengthy and confusing online checkout processes and limited payment method choices as reasons for leaving the site before making a purchase. Revolut Pay minimizes cart abandonment with quick and easy checkout. Revolut Pay merchants can accept low-fee payments in more than 20 currencies. Revolut Pay follows the launch of Revolut Reader, a card reader payment terminal in July, as well as the launch of Revolut’s payment acceptance platform in 2020 to make it easier for businesses to accept payments.
Since launching Revolut Business in 2017, Revolut has developed 20 products designed to empower businesses looking to increase conversions and manage finances more efficiently. Revolut Pay is already used by sellers like Shopify, Prestashop, WH Smith and Funky Pigeon and will be available from other sellers in the coming months, including Club L London and flight booking company FlyGo.
Revolut Pay is fully powered by Revolut’s payment technology and is a step towards building Revolut’s payments ecosystem, where Revolut enables transactions between retail and corporate customers. Revolut’s new direct payments solution will also reduce costs for its corporate customers.
“With its speed, convenience, security and low pricing, Revolut Pay gives merchants a competitive advantage in a rapidly growing e-commerce market. At Revolut, we constantly strive to make it faster, easier and cheaper for merchants of all sizes to accept payments, wherever they are, and to make it more convenient and secure for customers to pay. That’s why we’re launching Revolut Pay.”
Nikolay Storonsky, Founder & CEO of Revolut.
Revolut Pay features include:
- A new way to pay that’s fast and frictionless
- Best-in-class security, leveraging two-factor authentication when needed
- Low transaction fees with no hidden or monthly charges
- With Revolut Pay, funds will be settled directly into a merchant’s Revolut Business account within 24 hours at no extra cost (compared to businesses typically receiving funds settled to their account in up to seven days and having to pay for quicker funds arriving)
- SMEs can add Revolut Pay to web and mobile checkout pages and be up and running in minutes via our easy-to-install plug-ins
- For larger businesses and start-ups, Revolut Pay has a set of easy-to-integrate plug-in API and SDKs (Software Development Kits) that allows enterprises to go live in a matter of days
- Option to incentivize customers with cashback on their purchases
Revolut Business is a super borderless finance app for businesses – rapidly improving the way startups, scalers and large enterprises accept and make payments, control costs and hold their team accountable. Our mission is to help companies do business globally, from day one, from anywhere. Launched in 2017, hundreds of thousands of businesses now rely on Revolut Business as a platform for growth.
Citi Foundation Announces Inaugural Global Innovation Challenge To Empower Nonprofits Improving Food Security Around The World
The Citi Foundation announced the first-ever Global Innovation Challenge to help scale the impact of nonprofits around the world developing innovative solutions to improve food security. This first challenge will provide a total of $25 million to 50 organizations to support piloting or scaling up ideas and projects designed to address this issue and strengthen physical and financial health. of low-income families and communities.
With 770 million people undernourished worldwide, food insecurity is one of the major global crises today. A recent study by Citi Global Perspectives & Solutions (GPS) found that the estimated impact of malnutrition on the global economy could be as high as $3.5 trillion per year – or almost $500. for every person on the planet – due to record-high food prices. and other macroeconomic factors have led to civil unrest, global displacement, etc.
“Far too many families around the world face the daily struggle of not knowing when and where their next meal will come from,”
“We understand the economic factors that contribute to this ever-growing crisis, and our goal with this RFP is to help empower diverse, mission-driven nonprofits that are pioneering game-changing, scalable solutions in their communities.”
Brandee McHale, President of the Citi Foundation and Head of Citi Community Investing and Development.
For this RFP, the Citi Foundation will prioritize projects in four areas:
- Access: Support efforts that increase access to affordable and healthy food in low-income communities.
- Affordability: Improve food affordability through community finance efforts that help reduce the financial burden placed on low-income communities.
- Availability: Address challenges in the food supply chain that lead to positive community benefits, such as the creation of new jobs and businesses.
- Resilience: Increase the number of available resources that enable low-income communities to more effectively prepare for and respond to disruptions in food security during crises.
“The food security crisis is one of the most urgent issues our world is facing today,”
“Having proudly partnered with Citi for over 10 years, we have seen first-hand the positive impact the Citi Foundation has had in helping lift underserved communities out of poverty. This global initiative is going to provide much-needed funding to industrious organizations working to combat food scarcity with the innovative solutions we desperately need.”
Liza Henshaw, President, Global Citizen.
The first Global Innovation Challenge builds upon Citi and the Foundation’s history of support of addressing food security:
- Citi and Citi Foundation’s support has helped No Kid Hungry provide 300 million meals for kids facing hunger since 2014.
- Citi volunteers have packed over 1.7 million meals on behalf of U.S. Hunger since 2017.
- In 2020 during the height of the pandemic, the Foundation supported the Global FoodBanking Network’s COVID-19 relief efforts across Central and South America.
- In Asia, the Foundation’s support for Think City in 2020 helped them partner with four community organizations in Malaysia to ensure vulnerable populations received food and medical supplies.
- Most recently in Europe, financial support from the Foundation helped Crown Agents International Development purchase and deliver nutritional support for premature infants in Ukraine amidst the conflict.
The deadline to register is March 22, 2023, at 4 p.m. EDT.
Car Finance Fintech Carmoola Raises £103.5 Million To Transform How You Pay For A Car
UK car finance fintech Carmoola has raised an £8.5 million Series A funding round and a £95 million credit facility to revolutionize the way people pay for cars.
The round was led by US fintech experts QED Investors, with participation from existing investors VentureFriends and InMotion Ventures, the investment arm of Jaguar Land Rover. It also includes a credit facility provided by Natwest, helping Carmoola grow rapidly in a lucrative £120 billion market in the UK alone.
Launched just 10 months ago, Carmoola has liberated the aging, slow and outdated car finance market with a new ‘new auto finance’ product that is simple, easy to use and shortens the time The time to buy a car is only a few minutes. . . Carmoola’s proprietary technology and systems allow for a streamlined process providing buyers with a budget, creating free auto history checks and enabling payments to be made instantly online and in the showroom. displayed for only 60 seconds each time. Seamless customer experience.
“Used-car finance couldn’t be more ready for a fintech revolution. Consumers want the freedom to go shopping anywhere, knowing what they can spend, without sending off reams of forms and payslips.
“Frustrated consumers are being put in a corner with excessive rates, manipulated commission, and poor customer service, but it’s the very process of getting the finance that is at the heart of the problem. It’s full of paperwork, lengthy processes, and lack of certainty, but most importantly, car finance is obtained after the consumer has fallen in love with the car they want, which wholly puts them on the back foot. Until now, that is.”
“This funding will not only drive our ambitious growth aspirations but enable us to continue putting the customer at the forefront of everything we do.”
Carmoola CEO Aidan Rushby.
With 7.5 million used car purchases made in the UK alone by 2022 – with an average price of £13,705, Carmoola serves a £120 billion market for finance pre-approved auto purchases.
“Having not adapted to modern expectations for the consumer, the car finance industry has been caught off guard by the new neo-car finance brand Carmoola, who champion the consumer at every part of the process. Carmoola is on track to dominate the car finance sector with a game-changing approach to purchasing.”
Yusuf Özdalga, Partner and Head of Europe at QED Investors.
The funding will be deployed immediately to further grow the business and assist customers in rapidly adopting Carmoola since its launch just ten months ago. The plan is to grow the team to 20 people to meet the needs, putting the customer at the heart of their business. This champion of customer experience and service has earned a Carmoola score of at least 4.9 out of 5 across all review platforms.
Carmoola will also roll out eco-friendly discounts in the coming months to encourage consumers to use more sustainable options. Pure electric cars have grown by 57% to capture 1% of the used market, which will become an ongoing trend that Carmoola will capitalize on.
Froda, Lunar and Visa unveil innovative SME lending solution
Fintech Froda has partnered with Visa to develop an entirely new business lending solution. Initially, Froda and Visa are partnering with Nordic digital bank Lunar. Under the partnership, Lunar customers have access to business loans through Froda’s proprietary integrated lending platform, which offers payments and repayments directly via Visa cards. Visa’s presence in more than 200 countries and territories provides a consistent experience regardless of market, making the product globally scalable.
I am thrilled to announce our collaboration with Visa and Lunar to bring a new level of convenience and efficiency to the world of business lending for SMEs. Our goal was to create a new ecosystem within embedded lending that would offer entrepreneurs easy access to financing and instant payouts. With the support of Visa, we are able to offer this innovative solution to both neo-banks and incumbent banks across multiple markets. We couldn’t be more excited about this partnership and look forward to seeing this new ecosystem grow.
Olle Lundin, CEO at Froda.
At a time when the economy is facing headwinds, access to funding has become even more important for startups and small businesses looking to invest for the future. To best support SMEs, it is important to find new ways to allocate SME finance efficiently. The solution aims to remove barriers by allowing loan repayments and disbursements to be made directly through payment cards. Customers repay loans through recurring card payments without the need to track and manage monthly bills.
At Visa, we are constantly seeking new innovative ways to leverage the use of card infrastructure. The solution Froda has developed offers something new to the embedded lending ecosystem. We are very excited to be a part of this and can’t wait to see the impact it will have on small business lending.
Philip Konopik, Regional Managing Director Nordics & Baltics at Visa.
Utilizing Visa’s infrastructure, the solution provides a consistent experience for customers in any market, without the need to adapt local payments and direct debit processes. Partnering with card issuers will provide a source of transaction data to improve credit scores and provide customers with accurate pre-rated available credit.
It’s a fantastic opportunity to be a part of this collaboration as it allows us to offer our customers a fully digital experience with card enrollment as part of the loan application process. This eliminates the need for a separate enrollment for direct debit solutions or collecting details for invoicing. Additionally, the ability to make instant loan payouts through push payments ensures that our customers can access the funding they need quickly and efficiently.
Mats Persson Bergius, General Manager, Sweden, at Lunar.
The integrated lending solution will be available to Lunar customers in Q2 2023, with the option to allow more SMB card issuers to participate.
Danish Neobank Lunar Raises $38 Million
Denmark’s Neobank Lunar has raised 35 million euros to invest and grow the business in order to further expand in Northern Europe and accelerate the path to profitability.
A bank press release said the “vast majority” of existing shareholders contributed to the increase. Lunar’s most recent fundraising was 212 million DKK (about 28 million euros) in August 2022, accompanied by a +500% revenue increase in the first half of 2022.
The bank’s plan to acquire Norwegian bank, Instabank, failed last September as the August pay rise proved insufficient to cover the “capital needed to meet the capital requirements and get Norwegian FSA approved”. Lunar offered 132 million euros in March 2022 to buy Instabank, with the aim of increasing Lunar’s footprint in Norway and opening the door to the Finnish market.
“The capital markets that we and other similar companies raise money in have changed completely, with earnings now becoming the key focus. Last year we improved our product, attracted more customers, and increased our revenue streams significantly. We will continue to do so in 2023 and the years to come because the market needs a serious challenger in the industry.”
“We are very humbled by the trust our shareholders and customers place in us. They want to help us build a new financial ecosystem and deliver banking services in a whole new way. This proves the strength of the concept we offer to bank customers throughout the Nordic region and we remain committed to this approach despite this period of turmoil in the financial markets,”
founder and CEO of Lunar Group, Ken Villum Klausen.
Flutterwave Expands Into North Africa With New Egypt Payments Licenses
Flutterwave, Africa’s leading payment technology company, today announced that it has obtained a Payment Provider and Payment Facilitator license in Egypt.
The licenses will allow Flutterwave to act as an official payments provider in the country, collect payments on behalf of its customers, and settle payments locally and globally. These licenses will allow Flutterwave to deploy the Flutterwave for the Business suite of products, including store, payment linkage, invoicing and payments in Egypt.
With these licenses, Flutterwave becomes one of the few payment service providers in Egypt capable of global and local payments.
Flutterwave facilitates cross-border transactions in multiple currencies for global businesses, including Uber, and the new license will help the company help international companies enter the Egyptian market or expand their operations in this country. Flutterwave will also be in a strong position to enable Egypt-based businesses to expand internationally, in addition to creating new domestic jobs through empowering local businesses.
“We’re excited to receive the payments services provider and facilitator licenses in Egypt. The licenses will enable us to be the go-to payment processor and digital transformation partner for global settlements in Egypt, which enables our customers to expand quickly within or outside of the country. This, for us, is the beginning of other strategic wins in the North Africa and Middle East regions.”
Aalaa Gamal, Regional Manager, North Africa in Expansion & Partnerships, Egypt.
“We are proud to have been granted the Payment Services Provider and Payment Facilitator licenses in Egypt, which forms part of our international expansion strategy. This is testament to our commitment to provide first-class payment services, seamlessly connecting businesses to their customers. Our vision is to connect all parts of Africa through payments and connect Africa to the world. This way, it is easier for multinationals expanding into Africa to do so. This achievement is yet another step in that direction. ”
Olugbenga GB Agboola, CEO and Founder of Flutterwave.
As part of Flutterwave’s expansion initiative, they have also allowed users to send money to Ethiopia via cash pickup. Ethiopians abroad can send money home and request the recipient to pick up the money at Dashen bank branches, Amole agents and Ethiopia post service offices.
Lulalend secures $35m in Series B
Lulalend, a South Africa-based digital lender catering to underserved small and medium-sized businesses (SMEs), has completed a $35 million Series B transformation funding round. (R600 million). Lulalend will use the capital to expand its business and fill South Africa’s persistent SME credit gap, estimated at more than $20 billion a year, according to the International Finance Corporation.
“We remain grateful to our new and existing investors, who are committed to our mission of driving financial inclusion and catalyzing growth in South Africa’s critical SME sector, which accounts for almost 40 percent of our GDP and 60 percent of private sector employment. With their combined support, we will scale our business and bring new products to market to better meet the financing needs of South Africa’s SMMEs,”
Trevor Gosling, co-founder and CEO of Lulalend.
Lulalend’s $35 million (R600 million) Series B funding round was led by influential global investor Lightrock, with participation from new investors, German development finance institution DEG, Triodos Investment Management and Women’s World Banking Asset Management, as well as existing investors. International Finance Corporation (IFC) and Quona Capital.
The company’s digital approach, combined with its proprietary credit scoring algorithm, has enabled it to provide faster, easier and more transparent service to SMEs in access to business finance. By leveraging data from a diverse set of alternative sources, allowing for faster and more accurate business assessments, Lulalend is able to review applications and distribute funds in hours instead of days. weekly or monthly for traditional lenders. Lulalend recently disbursed billions of rand to SMEs across South Africa.
Founded in 2014 as the first online finance provider for SMEs in South Africa, Lulalend’s customer service was recently expanded to include a banking proposition called Lula, built in partnership with Access Bank. Offering a bank account designed specifically for SMEs, an AI-powered cash flow management tool, and real-time access to capital through Lulalend financial solutions existing, Lula promises to simplify money management for the more than 2 million formal and informal SMEs that exist in South Africa.
The raised capital will allow Lulalend to scale up its loan portfolio, bring new solutions to market, and invest in technology and talent to accelerate the implementation of its technical-commercial bank proposal. Lulalend’s new number. In addition, in partnership with new investor Women’s World Banking Asset Management, the company will work to expand its products to women-owned SMEs in the region.
“Traditional lenders have historically underserved the SME market, unfairly hindering the growth of companies that make up the backbone of South Africa’s economy. We are delighted to be partnering with Trevor and his dedicated team, who are leveling the playing field for SMEs with their simple, fast, and transparent approach to business finance.”
Arul Thomas, Principal at Lightrock.
Stripe In Talks To Raise $2.5 billion
STRIPE STORY HAS CREATED $2.5 BILLION Fundraising News 01.02.2023 12:
8 p.m. Stripe is in talks to raise $2.5 billion Stripe hits a massive $2.5 billion funding deal with existing investors that will value the payments giant between $55 billion and $60 billion, according to The Information.
This increase would fall sharply from Stripe’s last funding round in March 2021, which was completed at a $95 billion valuation.
The move is designed to help Stripe resolve an issue with some of its longtime employees whose limited stockholders are about to expire, which affects their compensation.
Last week, it was reported that the company had hired Goldman Sachs and JPMorgan to advise them on a deal that would allow employees to sell shares through secondary trading or a direct listing.
Compass expands into Switzerland and acquires 100% of HeidiPay Switzerland AG
Compass, the consumer finance arm of the Mediobanca Group, has signed an agreement to acquire 100% of HeidiPay Switzerland AG from HeidiPay AG, a growing Swiss Buy Now Pay Later (BNPL) financial company with over 400 deals. Trade agreements with major distributors, premium brands and technology operators active in the region.
With this acquisition, Compass becomes the new consumer credit operator in Switzerland, able to benefit from a distribution license held by HeidiPay Switzerland AG.
The agreement also strengthens the partnership with Holding HeidiPay AG, a fintech dedicated to developing digital platforms to support BNPL in the world of e-commerce and for physical points of sale, of which Compass already owns owns 19.5% as of August 2022.
After the close of the transaction, HeidiPay Switzerland AG will continue to benefit from HeidiPay AG’s technology and services, ensuring the continuity of the unique BNPL offer on the Swiss market and today enjoyed by an increasing number of merchants. distribution and main brand applied.
With the implementation of risk management tools (initiation, collection and anti-fraud) and a large and in-depth customer database, Compass will be able to make the BNPL business scalable. and sustainable in a particular way that is difficult to reproduce in a pure way. fintech operators. This is in line with the goals of the “One Brand, One Culture” Strategic Plan 2023-2026, which stipulates that Mediobanca Group’s Consumer Finance division will significantly enhance its distribution through through an advanced digital platform, in addition to strengthening the customer base, including expanding into new geographic markets.
With this acquisition, Compass will be able to enrich PagoLight, BNPL’s proprietary full digital solution that can be integrated into e-commerce websites, thus providing the basis for further development. an international offer to support the typical multinational merchants of the online site. world.
Launched in 2021, initially available only to physical stores, PagoLight is now operating in Italy with over 12,000 physical points of sale (the network continues to grow to this day, with around 1,000 installations new/month) and in more than 150 e-commerce platforms with a combined capacity of attracting around 20,000 customers/month, also bolstered by the recent fintech acquisition Soisy.
“ This transaction has a strong industrial value for us and is consistent with the strategic guidelines of the Plan to 2026.”
“With the acquisition of HeidiPay Switzerland AG, we are launching the geographical diversification process of our Consumer Finance division, being able to count on advanced digital platforms in the provision of credit as well as on a value-oriented management approach that leverages the analysis and validation capabilities of the developed by Compass in over 60 years of activity ”
–Alberto Nagel, CEO of Mediobanca.
“ The Swiss market is now considered among those with the greatest growth potential at European level for the Buy Now Pay Later sector.”
“Being able to count on hundreds of commercial agreements in the area guarantees us to lay the foundations for the further development of our customer base as well as our broader offer of consumer credit with a significant contribution already from the first year of activity”
–Gian Luca Sichel, CEO of Compass.
The transaction, the completion of which is subject to relevant regulatory approval and is expected in the second half of 2023, has a negligible impact on Mediobanca Group’s core Tier 1.
Citi TTS Selects Pismo to Enrich Global Demand Deposit Account Solutions
Citi Treasury and Trade Solutions (TTS) and Pismo, the next-gen banking and payments software company, jointly announced their relationship in which Citi will use Pismo’s technology platform to help strengthen Citi’s corporate demand deposit accounts (DDA), to clients worldwide.
Citi TTS continues to migrate its solutions, services, and infrastructure to create “always on” capabilities aimed to improve the overall client experience and provide clients with the ability to operate DDA capabilities in real-time with 24×7 processing. Upgrading the current DDA infrastructure is a core element to the TTS technology revamp strategy, allowing for better scalability and increased processing volumes.
“Pismo was selected based on its core expertise and knowledge in cloud-based banking and payments capabilities. We look forward to working together and exploring different ways in which our relationship can drive Citi’s work to help deliver clients’ global ambitions.”
Stephen Randall, Global Head of Liquidity Management Services, Citi Treasury and Trade Solutions.
“We are deeply honoured to serve Citi as a key part of its journey. This relationship will help establish Pismo as one of the leading players in the cloud-native core banking space. Citi’s selection of Pismo is a resounding endorsement of our decision to stay true to our cloud-native architectural roots and our decision to start expanding internationally in 2021.”
Ricardo Josuá, Pismo CEO and co-founder.
Citi’s relationship with Pismo also creates value for Citi clients by helping to deliver:
- A nimble and scalable microservice-based ecosystem free of market-specific hardcoded applications, allowing for faster delivery of enhancements, easier integration across products and a globally consistent experience
- High volume 24×7 processing and real-time data availability, which will enable clients to make more efficient cash management decisions while taking advantage of Citi’s global network
Pismo’s cloud-based core solutions are initially planned to be deployed by Citi in the U.S. market.
Citi Treasury and Trade Solutions (TTS) helps enable our clients’ success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions, and public sector organizations across the globe. Based on the foundation of the industry’s largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering a comprehensive range of digitally enabled treasury, trade, and liquidity management solutions.
Blackstone Completes Acquisition of Cvent
Cvent Holding Corp., an industry-leading meetings, events and hospitality technology provider, announced the completion of its acquisition by an affiliate of private equity funds managed by Blackstone for $8.50 per share in cash, representing a total enterprise value of approximately $4.6 billion.
The transaction, previously announced on 14 March 2023, includes a substantial minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and participation of current shareholders Vista Equity Partners. Due to trading, Cvent’s common stock has ceased trading and will be delisted from the Nasdaq stock exchange.
“Events are more important and more complex than ever before. We believe this partnership with Blackstone positions Cvent to continue leading the market for best-in-class technology to maximize event ROI and impact. We will continue to aggressively invest in the innovative solutions organizations need to more deeply engage with their customers, prospects, and employees that are so critical to their success.”
Reggie Aggarwal, founder and CEO of Cvent.
“Cvent has long been a go-to event management partner for organizations of all kinds, enabling them to embrace technology solutions in an increasingly digital world. We’re thrilled to support its continued growth and product advancements, bringing Blackstone’s global resources to bear and leveraging the firm’s deep expertise and thematic focus on hospitality, events and real estate.”
David Schwartz, a Senior Managing Director at Blackstone.
“Vista is proud of the partnership we’ve built with Reggie; the transformative change that Cvent has driven in the meetings and events ecosystem is a testament to how we help founders realize their company vision,”
“Both he and his leadership team are torchbearers of innovation, ingenuity and culture, and we look forward to seeing what they accomplish next.”
Monti Saroya, Co-Head of Vista’s Flagship Fund and Senior Managing Director.
Wealthtech OneVest raises CAD$17m
Canadian Wealth-as-a-Service firm OneVest has raised C$17 million in a Series A funding round led by Omers Ventures
Luge Capital, Panache Ventures, AAF Management, FJ Labs, Fin Capital, Pivot Investment Partners and Deloitte Ventures participated in the round.
Founded in 2021, OneVest provides a modular and adaptable infrastructure platform that allows financial firms to integrate and configure different components of wealth management services. for their customers. According to the company, it also allows companies to automate and streamline administrative and middle-office functions, which currently rely heavily on manual processes.
Users benefit from an intuitive interface for investors and advisors, powerful data aggregation, a trusted registry and powerful portfolio management tools, allowing them to create a property management service that offers a tailored service, which could launch in a few weeks.
This funding will be used to accelerate the company’s growth, recruitment, and expansion into the US market.
“We’ve built OneVest as a durable, highly scalable platform that can shape the future of wealth management.
“Financial institutions need exceptional experiences to meet both customer and advisor expectations when it comes to technology. The ability to implement a modern service with all the required compliance requirements built in, is compelling.”
Amar Ahluwalia, Co-founder and CEO of OneVest.
FIA Tech snags $25.4 million for Trade Data Network
FIA Tech, a leading futures industry technology provider, announced that it raised an additional $25.4 million in a funding round led by six existing shareholders, Bank of America, Barclays, Citi, Goldman Sachs, J.P. Morgan and Wells Fargo, in addition to BNP Paribas. As a result, BNP Paribas joins FIA Tech’s ownership consortium and will serve on its board of directors. This capital raise brings the total funding for FIA Tech to almost $70 million.
Funds raised will be used to accelerate the development of the Trade Data Network (TDN), an initiative that provides a shared ledger of trading information to address the fragmentation and lack of transparency in exchange traded derivatives (ETD) post-trade processing. The successful rollout of TDN is also expected to help reduce clearing delays for brokers and overall costs. The TDN initiative currently includes 16 banks/brokers and 40 investment managers and hedge funds with combined assets under management of over $37 trillion.
The initial rollout of TDN is focused on allocations processing and trade confirmations, with trade lifecycle transparency across the multiple brokers and the clearinghouse on each trade. Additional features include benchmarking, metrics tracking and reporting to drive best practices across the ecosystem. The initiative is also designed to drive value for the independent software vendor (ISV) community by reducing complexity in delivering services to clients.
“We are thrilled to join the board of FIA Tech, a firm we have worked closely with over the years. Technology is a central pillar of BNP Paribas’ GTS 25 (Growth Technology Sustainability) Strategic Plan, and the TDN initiative promises to deliver a pivotal platform for the ETD industry.”
Raphael Masgnaux, Head of Global Technology Platforms for Global Markets at BNP Paribas.
“We are delighted that BNP Paribas will be supporting us on our next stage of development and equally pleased at the support from our existing investors to launch the Trade Data Network. TDN has already proven its operational resiliency for participants in recent times of high market volumes and volatility.”
Nick Solinger, President and CEO of FIA Tech.
In 2021 FIA Tech announced its Series A investment round of $44 million to fund the spin-off of the firm and advance FIA Tech’s efforts to bring innovative solutions to the derivatives industry. Original investors were ABN AMRO Clearing, Bank of America, Barclays, Citi, Credit Suisse, Goldman Sachs, J.P. Morgan, Morgan Stanley, UBS, and Wells Fargo.
Stripe joins Mach Alliance
Mach Alliance, a group of independent technology companies dedicated to championing innovative, open technology ecosystems, today announced that Stripe has joined the Alliance.
Stripe, the company that builds the economic infrastructure for the Internet, is used by many major companies globally, from Amazon to BigCommerce, Ford, Zara, Maersk and many more.
“Stripe serves as an excellent example of a company that’s built upon a modern technical infrastructure,”
“They’ll be strong champions for the Alliance across their vast network of users and partners, which will influence broader embrace of MACH across the fintech category.”
Casper Rasmussen, MACH Alliance president.
“MACH Alliance is enhancing the online commerce space and is a leading standard for the industry,”
“Becoming a member was an obvious choice—many existing Alliance members are already Stripe users and partners, which demonstrates the importance of this ecosystem to accelerate digital experiences.”
Dorothy Copeland, global head of partnerships at Stripe.
The internet economy is still nascent. Traditional businesses are increasingly moving online or expanding their digital presence, including through payments and financial transactions. Only with a modern technology architecture can they transition to the digital age.
Organizations of all backgrounds, from startups to digital companies to brick-and-mortar businesses, need a MACH director to thrive. As the MACH Alliance’s annual survey of global IT decision makers shows, failure to innovate stifles competitiveness.
The MACH architecture, which stands for Microservices, API-first, Cloud-native SaaS, and Headless, gives businesses a greater degree of flexibility, allowing them to quickly deliver new features to customers. MACH Alliance members must meet strict certification standards and must be fully compliant to be eligible for membership.
DJUST raises $12 million to simplify B2B commerce
DJUST, a B2B e-commerce SaaS platform created by former Mirakl founder Arnaud Rihiant, today announced that it has raised €12 million in a Series A growth funding round to accelerate the market expansion.
Funding round by New Enterprise Associates, Inc. (NEA) leads, with additional participation from Elaia Partners.
Founded in 2020, the Paris-based B2B Commerce platform enables professional buyers and sellers to have an easy shopping experience, achieve greater productivity and drive growth. Unlike major B2C-focused platforms like Adobe Commerce, Salesforce Commerce and Shopify, the DJUST solution is purpose-built for B2B needs, empowering industries like distributors, franchisees, merchants wholesalers and manufacturers. The platform supports all B2B scenarios: online catalog, B2B E-Commerce connection, E-Shopping and Marketplace.
“The B2B eCommerce journey has been upended over the past decade, and behaviors and expectations on both the buyer and seller end have significantly changed the way B2B companies need to acquire, convert, retain, and expand customers. Yet many B2B companies are left to deal with these shifts on their own, supported only by outdated solutions that don’t fit their current needs,”
“We want to free all businesses of the hassle of building, launching and running B2B commerce. That will happen when companies stop making small adjustments to outdated systems and instead embrace an integrated, modular and powerful platform. In turn, that future-proofs new growth opportunities and excellent customer service.”
Arnaud Rihiant, Founder and CEO, DJUST.
“The B2B eCommerce market is estimated to be up to five times the size of the B2C market. And while there are many well-known software tools facilitating B2C eCommerce, today’s B2B technology stack remains outdated. DJUST’s simple yet powerful technology is an ideal match for the needs of today’s B2B businesses, whether they’re building their own eCommerce platform, working with suppliers, simplifying their procurement processes, or increasing the effectiveness of their sales operation,”
“The company’s rapid growth and ability to quickly demonstrate value for customers across different industries like retail, construction, fashion and pharmaceuticals give us confidence that they can scale sustainably over the long-term.”
Philip Chopin, Managing Director, NEA UK.
“Just as the consumer can now order anything at any time in only a few clicks, we believe that anyone should be able to place orders for their companies and replenish their stores just as seamlessly. DJUST’s SaaS solutions are the best answers on the market for B2B companies to bring their e-commerce operations to the same level as the e-retailers. We are very happy to welcome NEA, whose international network will help the company accelerate on the international scene, and to continue to support DJUST’s management team, which we believe has both the track record and the ambition to achieve this revolution in the B2B world,”
Xavier Lazarus, Managing Partner at Elaia.
The combination of a SaaS platform with B2B Commerce offers endless possibilities for businesses and buyers. For businesses, time-to-market is dramatically reduced, complete visibility into orders, processes, and deliveries, and powerful data insights are delivered through user-friendly control panel. . Together, this allows businesses to adapt to new shoppers who have very high expectations for their online experience. The DJUST platform offers powerful customization in the user interface, with drag-and-drop functionality and synchronization of data from old and new channels, allowing change and adaptation for new markets and buyers .
Together with co-founders Alexis Delplanque (Co-Founder and Head of Sales) and Eric Gaudin (Co-Founder and Head of Technology), Arnaud Rihiant launched DJUST with a seed funding of €4 million from home. invest in European Elaia in 2020. With the 12 million euros raised today, the company plans to expand into the European, UK and US markets, and invest more heavily in developing solutions for its main product. Over the past year, DJUST has doubled its number of employees from 20 to more than 40 and more than doubled its annual recurring revenue through more than 15 new agreements with major distributors and manufacturers around the world. Europe, allowing them to quickly move from offline to online and connect all systems to one central truth platform.
“We are going from decentralized to centralized with DJUST B2B Commerce. Our business processes are automated on the platform, and we can connect our ERP to the solution. This was a huge differentiator when we chose to partner with DJUST,”
Remi Beranger, Vice President of Global Procurement & Supply Chain at deSter.
“With a modern B2B Commerce solution, we can increase productivity, customer satisfaction and gain more visibility by centralizing all procurement and reassortment operations. We can offer our franchisees a B2C-like experience.”
Arthur Caron, Head of Supply Chain at Franprix, one of France’s leading retailers.
With a young and original mindset, DJUST not only provides an ordering and delivery platform, but also a true partnership with customers and a transparent product roadmap.
“We needed a B2B expert who could offer a flexible solution that can grow and build with us – someone who thinks out of the box. This would not have been possible with a more traditional solution vendor,”
Henri Danzin, Director of Marketing and Commerce at Socoda.
One of the reasons DJUST has been so successful over the past year is the platform’s ability to integrate with any existing technology stack and channel. This frees teams from time-consuming data consolidation and repetitive manual data transfers, and allows businesses to retain legacy systems as they transition to a digital business. completely.
“The DJUST B2B Commerce solution and project approach allow us to progressively transform digitally. By giving us the tools to sell and trade effectively, we can concentrate on making a better buying experience rather than on managing a technology,”
Nicolas Rigot, Procurement Director at Eiffage, a leading European Construction company.
American Express and Plaid Announce Customer-Permissioned Data Sharing Agreement to Boost Digital Finance Options for Customers
American Express announced an agreement with Plaid, a data network powering the digital financial ecosystem, for API-based integrations that will provide new digital banking options for customers while also improving the security of their accounts. Millions of American Express customers will now have the ability to more securely sign in to Plaid’s 8,000+ connected apps and services in the digital banking ecosystem without the need to share their American Express passwords. theirs with third parties. This is especially important since US consumers use an average of three fintech apps to manage their finances[1].
Integrating Plaid services with American Express’s Accounts API provides customers with transparency and control over where and how their financial information is authorized and shared. The integration also eliminates the need for customers to share their American Express credentials with any party other than American Express in the ecosystem. The integration allows customers to take advantage of American Express’ secure authentication procedures designed to enhance the security of their transactions before disclosing their account financial information to third parties reliable.
“This agreement reflects American Express’ commitment to providing our customers with the security, control and transparency they want when sharing their account data with financial apps of their choosing,”
“With Plaid, we’re taking another key step in our effort to create a safer digital experience for our customers in a world where people increasingly rely on a variety of digital tools to manage their finances.”
Danielle Cloud, Senior Vice President, Enterprise Data Governance & Platforms, American Express.
American Express’ Account Financials API allows customers to share their financial data, while also maintaining the privacy of their user credentials. The many benefits to American Express customers include:
- Enhanced Security – Supported by the OAuth2 protocol, the Amex Account Financials API provides customers with more control over where and how their financial information is being accessed and shared.
- Greater Reliability – Customer directed account information is shared in real-time.
- Increased Control and Transparency – Customers can now more clearly understand and better manage their connections to financial service provider apps and have better visibility into where their data is going and what data is being shared.
- Fewer Sign-on Disruptions – Thanks to the API integration, connections are more stable, and may last for longer periods of time, enabling easier sign-ons.
“At Plaid, our mission is to help all consumers benefit from safe and reliable access to their data,”
“We are thrilled to partner with American Express, a storied brand fundamental to the financial lives of so many, to facilitate secure connectivity for their account holders to thousands of apps in our network.”
Christy Sunquist, Head of U.S. Financial Institution Partnerships at Plaid.
The launch of the API-based integration with Plaid is set to begin in 2023.