BOXX Insurance, a Toronto headquartered insurtech that combines cyber insurance and security announced a US$14.4 million Series B funding round, bringing the total amount raised from investors to US$24.5 million in the last 16 months. The latest investment was led by Zurich Insurance. BOXX also announced that its business met its combined goal to grow 10x in the last 24 months whilst continuing to outperform its underwriting targets. Over 250,000 individuals and 10,000 businesses are protected by BOXX. “Our goal was always to help our customers stay ahead of cyber threats in addition to being there to help them respond…

PayEm, a San Francisco based platform for spend and procurement management announced $220 million in equity and credit financing from Viola Credit, Mitsubishi Financial Group, Collaborative Fund and others to fuel its growth. “This is a significant milestone in the company’s growth. Our new warehouse credit facility allows us to scale our credit cards operation and support larger customers with our fast-growing payments platform. In addition, the new equity funding will enable us to continue building our platform,” said Itamar Jobani, CEO, PayEm. “With the current macroeconomic conditions, it’s never been more important for companies to have an efficient and…

Inscribe, a fraud detection and document automation platform, announced that it has raised $25M in Series B funding. The round was led by Threshold Ventures and joined by existing investors Crosslink Capital, Foundry, and Uncork Capital, as well as angel investors including Box co-founder Dylan Smith and Intercom co-founder Des Traynor, bringing the company’s amount raised to $38M. Many organizations have responded to this uncertainty by introducing additional steps or requirements in their KYC/KYB and underwriting processes — in which hundreds of hours each week are spent manually reviewing documents determine whether a potential customer can be trusted. This creates…

Online mobile payments and identity verification company Jumio announced that it had cleared over US$200 million in bookings last year. Jumio also reported that it had closed both the largest new deal and the largest total deal in the company’s history in Q4 2022. The firm said in a statement that it will continue to further accelerate its investment in its core technology and innovation to combat fraud. Jumio also made several key executive hires – Susan Walker joined Jumio as Chief Financial Officer in May, bringing more than 25 years of corporate, Wall Street and business strategy experience. Additional,…

Singapore’s digital wealth management platform Endowus has partnered with global fintech firm iCapital to expand its private market investment offering for accredited investors in Singapore and Hong Kong. Endowus’ clients will have access to a set of institutional-quality private markets initiatives within private equity, private debt, and real assets. Through this partnership, Endowus will be able to leverage iCapital’s technology and solutions to enhance the operational efficiency of the entire investment process in these segments. According to Endowus, it has nearly tripled the number of accredited investors on its platform since April 2021. Gregory Van, CEO of Endowus said, “At…

Canadian fintech Nuvei announced that it has inked a deal to acquire U.S. payments firm Paya in an all-cash transaction for US$1.3 billion. Paya is a pure-play integrated payments platform serving customers in markets such as B2B, government, utilities, non-profit and healthcare end markets. In total, Paya processes over US$45 billion of annual payment volume and serves over 100,000 end-customers through over 2,000 software vendors and other key distribution partners. Private equity firm GTCR had originally acquired Paya and was its largest shareholder in 2017. Paya then became a NASDAQ-listed public company in October 2020. “Nuvei’s acquisition of Paya marks…

The rise of blockchain and cryptocurrencies has changed the way we think about digital money movement — creating opportunities for a new generation of financial applications. Visa reported that they are in the early stages of blockchain development and it remains unclear which use cases will become widely adopted, which will get left behind, and which have yet to be explored. A team of researchers and engineers across Visa is working together to study the foundations of various blockchains — including the security, scalability, interoperability and privacy of different protocols — and propose possible use cases. ”To help our clients…

Dataiku, an AI and analytics platform, announced that it has raised US$200 million in Series F funding round led by new investor Wellington Management. This brings Dataiku’s total funds raised since its inception to approximately US$600 million with a valuation of US$3.7 billion. Dataiku said that it plans to use the funds to prepare for its next phase of growth. In 2022, Dataiku reported that it grew its customer base above 500 and surpassed US$150 million in annual recurring revenue. “Dataiku’s proven track record, management team, growth trajectory, and customer roster, positions the company to scale AI to new heights.…

Software investment firm Thoma Bravo announced that it will be acquiring Coupa Software, a specialist in in business spend management, for US$8.0 billion in an all-cash transaction. The transaction, which was approved unanimously by the Coupa Board of Directors, is expected to close in the first half of 2023, and is subject to customary closing conditions. Upon completion of the transaction, Coupa will become a privately held company and will continue to operate under its original name and brand. The transaction also includes a significant minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). “For…

9fin, an analytics platform for debt capital markets, today announced a $23 million Series A+ led by new investor Spark Capital with participation from existing investors Redalpine, AI Seed, Seedcamp, 500 Startups, and Ilavska Vuillermoz Capital. Spark Capital General Partner, Alex Finkelstein, will join 9fin’s Board. The new capital will be used to scale the 9fin team, grow its presence in the US market and expand its product into new asset classes. 9fin’s mission is to organize the world’s leveraged finance information and make it accessible and useful through its data, news and predictive analytics platform. Leveraging proprietary machine learning…

TripActions, the all-in-one travel, corporate card, and expense management solution, announced that it secured $400M in credit facilities, consisting of a warehouse debt facility from Goldman Sachs Bank USA, as the senior lender and administrative agent, with a $200M commitment ($300M total Program Limit) and an asset-backed lending facility of $100M led by Silicon Valley Bank. The credit facilities will be used to accelerate the expansion of TripActions’ customer base. The announcement comes on the heels of TripActions’ recent Series G up-round, which valued the company at $9.2B, and the company’s fourth Europe-based acquisition in 18 months. The warehouse facility…

Mastercard and Vesta, an end-to-end fraud prevention platform for digital purchases, announced a new strategic partnership to provide a state-of-the-art fraud management platform for merchants across Latin America and the Caribbean. As the need and interest from consumers to shop online increases, merchants are challenged to verify identities and manage evolving fraud threats in real time. Through this partnership, the organizations join forces to not only meet merchants’ security needs, but also address a broader effort to enhance the consumer ‘s digital experience and strengthen their trust in ecommerce. The fraud management solutions resulting from this collaboration will unite resources…

Crypto lender BlockFi has filed for Chapter 11 bankruptcy protection citing a liquidity crisis due to substantial exposure to recently bankrupt crypto exchange FTX. BlockFi says that it is exposed to FTX via loans to Alameda, a crypto trading firm affiliated with FTX, as well as cryptocurrencies held on FTX’s platform. The firm listed its assets and liabilities as being between US$1 billion and US$10 billion. The company has US$256.9 million in cash on hand to support certain operations during the restructuring process. Founded in 2017, BlockFi is described as a blockchain-based wealth management platform for crypto investors. Activity on…

American Express has partnered with TikTok to launch the Shop Small Accelerator, a new programme to help small business owners reach a new generation of shoppers on Small Business Saturday. The accelerator provides small business owners with access to tools and resources to think like TikTok creators, and includes an offer for small business owners to earn US$100 in TikTok advertising credit. TikTok creators Anna Sitar, Sofia Bella, and Brandon Blackwood are also teaching small business owners to leverage sounds, trends, hashtags and communities to drive engagement with users. To help small businesses get discovered by new audiences, American Express…

Swedish payments company Zimpler announced plans to expand to Latin America and that it has established its regional headquarters in Sao Paulo, Brazil’s financial center. A recent study conducted by Zimpler showed that nearly half of all online consumers in Brazil have given up on an online purchase due to issues with e-commerce payment processes. This is a gap that Zimpler hopes to fill in Brazil with its account-to-account payments solution that is developed based on the Central Bank of Brazil’s PIX technology. The amalgamation of PIX and Zimpler’s solutions will streamline the transaction chain and enable instant settlement for…

J.P. Morgan Payments and Mastercard have launched Pay-by-Bank to enable consumers to permission their financial data to be shared so they can pay bills directly from their bank account. The service means that consumers will not need to type in their routing and account information when they make recurrding payments, such as for rent, utilities, tuition, and insurance. Pay-by-Bank also uses Mastercard’s Smart Payment Decisioning Tools to analyse the best time to initiate the payment based on the bill payer’s historical transaction behavior and risk patterns. It is being piloted with a small number of US-based billers and merchants this…

Moneygram announced the launch of a new service enabling consumers to buy, sell and hold cryptocurrency via the MoneyGram mobile app. This new feature gives MoneyGram customers in nearly all U.S. states and the District of Columbia the ability to trade and store Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) by using the Company’s mobile app. This is the latest crypto-related service launch from a company bringing real-world cryptocurrency and blockchain use cases to life. From on/off-ramp services for digital wallets through partnerships with Coinme, Stellar and G-Coin, to cross-border settlement through Circle’s USD Coin (USDC), to the new ability…

Bilt Rewards, a rewards programme for renters, has raised US$150 million at a US$1.5 billion valuation. The round was led by Left Lane Capital, with Smash Capital, Wells Fargo, Greystar, Camber Creek, Fifth Wall, and Prosus Ventures participating. Launched in 2021, Bilt Rewards operates a loyalty programme and a co-brand credit card, the Bilt Mastercard issued by Wells Fargo, that enables consumers to earn points on their rent payments with no transaction fees. The company says that it has processed over US$3 billion in annualised rent payments and over US$1.6 billion in annualised card spend since launching. Bilt also announced…

In 2021, US consumers and businesses poured US$2.6 trillion in transactions through embedded financial services, a sum that represents nearly 5% of all US financial transactions, according to a new report by Bain Capital and Bain & Company. By 2026, that amount is projected to exceed US$7 trillion, or over 10% of total US transaction value, reflecting the appeal of integrated financial services among customers. Embedded finance, a concept that refers to the integration of financial services into non-financial services, is a booming sector that’s been fueled by changing consumer behaviors, advances in technology, and an evolving regulatory landscape. In…

Digital payments company MoneyGram is now Haas F1 Team’s title sponsor for the 2023 season and beyond, with the new “MoneyGram Haas F1 Team” brand to take effect next year. The Haas F1 Team is a a fan favorite and the only American team competing in the FIA Formula 1 (F1) World Championship, the world’s foremost motorsports competition with an audience of 500 million. MoneyGram, who announced the sponsorship at the 10th anniversary of the United States Grand Prix, described it as “the fastest way to send money globally teaming up with the fastest sport in the world.” The F1…