Author: Fintech News America

Coinshares Completing Acquisition of Valkyrie ETF Business Including US Bitcoin ETF

CoinShares, a European investment company specialising in digital assets, announced the completion of its acquisition of Valkyrie Funds LLC, as well as the Sponsor rights to the Valkyrie Bitcoin Fund, the physically-backed Bitcoin ETF. With the addition of approximately Valkyrie’s $530 million of assets under management , CoinShares’ AUM has increased to approximately $7.3 billion globally as of 11th March 2024. This move accelerates CoinShares’ expansion into the U.S. market and is a further milestone towards building a global asset management franchise. As previously announced, CoinShares has held an option to acquire Valkyrie since November 2023, which was exercised following…

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Visa and Western Union Expand Partnership to Enhance Global Money Transfers

Visa and Western Union have entered into a seven-year agreement to significantly enhance the way money is sent across borders. This collaboration aims to simplify the process for Western Union customers to transfer funds directly to Visa cardholders and bank accounts in 40 countries across five continents. The partnership involves the issuance of cards, integration with Visa Direct for faster money transfers, and the provision of risk management services. Additionally, it will introduce Visa prepaid cards in certain markets, offering a seamless blend of physical and digital payment solutions. Using Visa Direct capability, Western Union customers will be able to…

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Simetrik Raises $55 Million in Series B Round, Led by Goldman Sachs Asset Management

Simetrik, a B2B financial solutions platform founded in 2019 in Colombia, announces a $55-million Series B funding round led by Growth Equity at Goldman Sachs Asset Management. Other investors joining this round include FinTech Collective, which led the Series A, and Cometa, who led the seed round, Falabella Ventures, Endeavor Catalyst, Actyus, Moore Strategic Ventures, Mercado Libre Fund, and the co-founders of Vtex. “This funding marks a pivotal step for Simetrik in reinforcing its role in the rapidly transforming financial sector and expanding its global reach,” says Alejandro Casas, Co-founder and CEO of Simetrik. Simetrik has developed intuitive solutions to…

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Nuvei Launches Direct Local Acquiring in Colombia

Nuvei Corporation, the Canadian fintech company, announces that it has launched direct local acquiring capabilities in Colombia, further expanding its presence in Latin America  and strengthening its overall footprint in the region. Nuvei is the first global payments company to offer direct local acquiring in Colombia, enabling local and international partners to accept card payments from their customers in the country without relying on intermediaries or third-party payment processors. Simplifying payments relationships in Colombia enables eCommerce businesses to maintain greater control over transaction flow management, as well as develop a more localized payments experience for customers. This announcement is the…

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Citi Collaborates With Wellington Management and Wisdomtree to Explore Tokenization of Private Markets

Citi has announced that it has successfully completed a proof of concept on tokenization of private funds along with Wellington Management and WisdomTree. The proof of concept, which was conducted on the Avalanche Spruce institutional test Subnet, found that smart-contract capabilities could deliver new functionality and operational efficiencies, which are currently unavailable with traditional assets. These new functionalities could enable buy- and sell-side institutions to engage with distributed ledger infrastructure in a low-risk, low barrier-to-entry manner that is consistent with regulations. Private markets, although a $10 trillion asset class, are characterized by an infrastructure that is complex and manual, with…

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Apple Claims Expanding Reach in Finance with 12M Credit Card Users and US$10B in Savings Balances

Apple has been steadily expanding its foothold in the financial services industry, with new data released by the company revealing more than 12 million users of its Apple Card credit card product, and US$10 billion in total balances in Apple Savings accounts. In a new blog post published on January 30, 2024, Apple shares growth metrics for its Apple Card product, highlighting the popularity of the credit card among customers. Among the key data, Apple claims that: Apple Card has garnered 12 million users; In 2023, users earned over US$1 billion in Daily Cash from spending on Apple Card; Apple…

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Launching the PayPal Ventures AI Fund With Co-lead Investment in Rasa’s $30 Million Series C Funding Round

PayPal Ventures announces a new AI Fund, where a portion of the total funds will be deployed over the next three years for early stage AI investments across all industries and verticals. The AI Fund is launched together with their co-lead investment in Rasa’s $30 million series C funding round. The explosion of artificial intelligence has fundamentally changed the venture capital landscape, particularly with the advent of generative AI. We are starting to see the real application of AI to hard problems as companies build practical solutions that are faster, cheaper and better using AI. We see incredible opportunities in…

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Pagaya Closes Five-Year $280M Credit Facility

Pagaya Technologies, a global technology company delivering AI-driven product solutions for the financial ecosystem, announced the closing of a credit facility with participation from Funds and Accounts managed by BlackRock, UBS O’Connor, JPMorgan Chase, Valley Bank, and Israel Discount Bank. The facility, which consists of a $255 million term loan and a $25 million revolver, provides the capital and liquidity needed to support the Company’s future growth, extends its corporate debt maturity to 2029 and validates investors’ confidence in Pagaya’s business model and financial strength. “This credit facility, led by BlackRock, showcases the confidence and support from some of the…

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Nuvei Teams up With Microsoft to Streamline Payments for SMEs

Canadian fintech firm Nuvei has announced its latest integration with Microsoft Dynamics 365 Business Central, an ERP (Enterprise Resource Planning) solution tailored for small and medium-sized businesses. This integration enables organisations worldwide to incorporate various payment methods, such as card payments and instant bank transfers, including ACH transactions in the U.S., into their existing Dynamics 365 Business Central module. The integration focuses on simplifying accounting workflows, enhancing back-office reconciliation, and improving the efficiency of finance departments in sectors like manufacturing, distribution, wholesale, and construction. Nuvei’s integration brings features like invoice matching and proprietary cash acceleration tools, designed to shorten the…

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Visa Cash App Forms Partnership with Red Bull Formula 1 Teams

The Formula One grid is charging into the 2024 season with a new look and new support. Red Bull F1 Teams and Visa announced an unprecedented multi-year agreement where Visa will become the first global partner of both Red Bull F1 teams, bringing a new look team to the F1 grid in the form of Visa Cash App RB, formerly Scuderia AlphaTauri. Visa’s first new major global sports sponsorship in more than 15 years, the agreement encompasses the Visa Cash App RB team, corresponding title partnership on the F1 Academy team entry and the Oracle Red Bull Racing team. The Visa…

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Honeywell Announces the Closing of $300 Million Equity Investment Round for Quantinuum at $5B Pre-Money Valuation

Quantinuum, a leading integrated quantum computing company, announced the closing of a $300 million equity fundraise, at a pre-money valuation of $5 billion. The round is anchored by Quantinuum’s strategic partner JPMorgan Chase, with additional participation from Mitsui & Co., Amgen and Honeywell, which remains the company’s majority shareholder. This investment brings the total capital raised by Quantinuum since inception to approximately $625 million. This capital raise represents Quantinuum’s first equity funding round since Cambridge Quantum Computing and Honeywell Quantum Solutions merged in November 2021. The funds will be used to accelerate the path towards achieving the world’s first universal…

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DailyPay Closes Transactions Totaling $175 Million

DailyPay, an US based on-demand pay company announced it has secured over $175 million to fuel growth. The funding is divided between $100 million of expanded secured credit facility capacity provided by Citi and over $75 million in equity financing, which valued the company at $1.75 billion on a pre-money basis. The equity financing from both existing and new investors, led by Carrick Capital Partners, will be deployed to further accelerate DailyPay’s continued product innovation and to drive its expansion into adjacent categories and new markets. The additional $100 million expansion of the existing credit facility, provided by Citi, brings…

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Digital Onboarding Raises $58M Growth Investment from Volition Capital

Digital Onboarding, an SaaS company based in Boston, helping more than 100 financial institutions deepen their customer relationships, announced it closed a $58 million growth investment from Boston-based growth equity firm Volition Capital. The investment follows rapid secular growth for Digital Onboarding as banks and credit unions increasingly seek out digital solutions to drive customer engagement and additional product adoption. According to the 2023 Future of Finance Report, 64% of customers do not have positive digital experiences in banking, and 39% say poorly integrated customer service tools are the primary cause of frustration. As a result, 25-40% of new checking…

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Commodity Futures Trading Commission’s Releases Decentralized Finance Report

The Commodity Futures Trading Commission’s Digital Assets and Blockchain Technology Subcommittee of the Technology Advisory Committee (TAC) released a report entitled Decentralized Finance. CFTC Commissioner Christy Goldsmith Romero, sponsor of the TAC, stated “From the time that I arrived at the CFTC, I have played a steady drumbeat that we need to study emerging issues related to digital assets or we could risk harmful unintended consequences. This report is the result of the hard work of the TAC Digital Assets and Blockchain subcommittee to study DeFi. It is intended to help inform ongoing policy debates in the U.S. Congress, state…

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HPE to Acquire Juniper Networks to Accelerate AI-Driven Innovation

Hewlett Packard Enterprise and Juniper Networks, a leader in AI-native networks, today announced that the companies have entered a definitive agreement under which HPE will acquire Juniper in an all cash transaction for $40.00 per share, representing an equity value of approximately $14 billion. The combination of HPE and Juniper advances HPE’s portfolio mix shift toward higher-growth solutions and strengthens its high-margin networking business, accelerating HPE’s sustainable profitable growth strategy. The transaction is expected to be accretive to non-GAAP EPS and free cash flow in the first year post close. The acquisition is expected to double HPE’s networking business, creating…

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Nu Colombia Has Received Formal Approval to Operate a Financing Company in the Country

Nu Colombia, a subsidiary of Nubank in the country, announced that the Financial Superintendence of Colombia (SFC) has officially approved its application to operate as a financing company. This achievement not only marks a significant milestone for Nu Colombia but also paves the way for the expansion of its product portfolio into savings with the upcoming launch of Cuenta Nu, a pivotal move for its long-term vision for the country. “Obtaining this license is the result of months of hard teamwork and represents a fundamental step in our journey in Colombia, as it enables the right regulatory framework to launch…

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Fintech Venture Fund Canapi Raises $750m

Canapi Ventures, a fintech venture capital fund backed by nearly 70 financial institutions and strategic investors across the United States, announced the raise of a $750 million Fund II. Canapi is backed by the Canapi Alliance, the fund’s network of strategic banks and financial partners institutions across North America, as well as institutional investors. This latest raise brings Canapi’s total assets under management to over $1.4B and will allow the Fund to continue to support the most innovative entrepreneurs and companies looking to create a sounder, more inclusive and equitable financial ecosystem. Core to Canapi’s value proposition is the delivery…

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Nuvei Set to Streamline Microsoft’s Checkout Processes for Office and Xbox

Canadian fintech firm Nuvei has announced a partnership with tech giant Microsoft to improve payment experiences for customers globally. This collaboration aims to introduce Nuvei’s payments technology to Microsoft’s product lines, including Office and Xbox, initially focusing on markets in the Middle East and Africa. The integration of Nuvei’s technology is expected to streamline Microsoft’s checkout processes, offering better payment options for recurring billing and individual transactions. Microsoft seeks to leverage Nuvei’s understanding of local market needs, enhancing customer payment experiences. This includes optimised authorisation rates, effective risk management to reduce false declines, and the latter’s ability to offer all…

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Nasdaq Launches New Technology to Scale Global Carbon Markets

Nasdaq announced the launch of a new technology that securely digitizes the issuance, settlement, and custody of carbon credits. It will be provided to market infrastructures, registry platforms, and other service providers globally. The service will support the development and institutionalization of global carbon markets. Despite being a relatively young market the carbon credit operating model is characterized by bilateral trading and a heavy reliance on manual interaction, providing limited ability to scale as the market develops. This inflexibility has also led to an absence of standardization – where credit data can be categorized and integrated into existing systems –…

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Bullish Acquires CoinDesk from Digital Currency Group

Bullish, a new regulated, institutional digital assets exchange led by Tom Farley, a former NYSE president, announced that it has acquired CoinDesk, from Digital Currency Group (DCG). Bullish plans to invest in CoinDesk’s global expansion and the growth of the media, events, and indexing businesses. CoinDesk will continue to be led by Kevin Worth and the existing management team and operate as an independent subsidiary within Bullish. Terms of the transaction were not disclosed. “With its acclaimed editorial coverage, premier events and market-leading data and indices, CoinDesk continues to shape the global crypto and blockchain ecosystem,” said Tom Farley, CEO…

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