Author: Fintech News America

Apple is running an internal test of its buy now, pay later (BNPL) product, gearing up for the public release of the new service in the US. The feature, which was announced at the Worldwide Developers Conference 2022, is currently being trialed by Apple employees and will be “launching soon,” Apple CEO Tim Cook told CNBC in an interview. Announced in June 2022, Apple Pay Later is a new BNPL product that aims to let users split up the cost of a purchase made with Apple Pay into four equal installments over six weeks without charging any fee or interest.…

Canadian payments company Nuvei has entered into a multi-year sponsorship agreement with the Mercedes-AMG PETRONAS Formula One Team ahead of the 2023 F1 season. From the 2023 Formula One™ season onwards, the Nuvei logo will appear on the helmet and overalls of the Mercedes-AMG PETRONAS Formula One Team drivers as well as pit crew overalls and team clothing. Nuvei will also be able to utilise team members, including drivers Lewis Hamilton and George Russell, and Team Principal and CEO Toto Wolff for its wider marketing activities for customers, clients, and beyond. The Nuvei branding will be unveiled at the Team’s…

Cybersecurity technology company OneSpan has inked a deal to acquire Australia-based blockchain technology provider ProvenDB for an undisclosed sum. The transaction is anticipated to close during the first quarter of 2023 and is subject to customary closing conditions. Through this acquisition, OneSpan said that it plans to combine ProvenDB’s technology with its Transaction Cloud Platform. This will provide an integrated end-to-end assurance model which includes a secure repository for documents and artifacts. This complementary acquisition aims to expand OneSpan’s addressable market, solves customers’ secure vaulting needs, and secure digital agreements throughout the customer transaction lifecycle. “We have an ambitious plan…

FIS announced plans to pursue a tax-free spin-off of its Merchant Solutions business to strengthen its strategic and operational focus, capitalize on growth opportunities and unlock shareholder value. The two companies expect to maintain a strong commercial relationship, preserving a key value proposition for clients of both businesses. FIS expects the spin-off to be completed within the next 12 months. FIS’ Board and management determined as part of their previously announced and ongoing strategic review that a spin-off of Merchant Solutions, to be named Worldpay, offers the best path to enhance shareholder value, including by: Increasing strategic and operational focus…

Jumio, a US-based provider of automated, end-to-end identity proofing, risk assessment and eKYC solutions, has appointed Jon Jones as the company’s new Senior Vice President of Worldwide Sales. With more than 25 years of experience in the fraud and identity space, Jones will drive the company’s global sales strategy in his new role. He joins Jumio from consumer credit reporting company Experian, where he most recently served as Senior Vice President of Sales Operations and focused on the company’s fraud and identity, software, analytics and consulting product lines. Prior to that, he was the president of Canadian online verification company…

DailyPay announced it has secured $260 million of capital to fuel growth domestically, expand internationally and further invest in product innovation. The funding is divided between revolving credit facility capacity provided by Barclays and Angelo Gordon, and new term loan funding from SVB Capital and a fund managed by Neuberger Berman. DailyPay first announced a $300 million revolving credit facility from Barclays in March 2022. The additional revolving credit facility capacity ($100 million provided by Barclays and $60 million from Angelo Gordon) provides DailyPay with more capital to service its ever-growing roster of clients. The $100 million in term loan…

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…