FINANCIAL MANAGEMENT, PAYMENTS
Usio | February 01, 2023
Usio, Inc. informed on January 31, 2023, that its exclusive partner, MoviePass, witnessed rising demand across the country, allowing it to expand its market penetration from 3 cities to 9 across the United States and sign strategic partnerships.
MoviePass uses Usio's proprietary prepaid card issuing platform and a unique external authorization engine to fund transactions for the MoviePass debit card.
Louis Hoch, President and Chief Executive Officer of Usio, said, "We had no idea of the power that MoviePass's brand held until we witnessed MoviePass signing up almost 800,000 beta clients in five days and believe that demand will not stop there. Stacy and his leadership team have generated so much interest from people across the country that they've had to increase the number of cities in which MoviePass will initially launch from three to nine."
He continued, "We're extremely pleased to serve them and their card holders with the most innovative prepaid card issuing technology on the market, specifically our external authorization capability, allowing MoviePass to fund prepaid cards the moment a customer redeems credits for a movie within the MoviePass ecosystem, allowing for greater funding control and spend management."
(Source – Business Wire)
Stacy Spikes, Co-Founder and Chief Executive Officer of MoviePass, remarked, "Due to the increasing demand for our platform and as fans across the country return to the movies, we're continuing to add new cities across the U.S. on a regular basis, including Atlanta, Chicago, Dallas, Houston, Indianapolis, Kansas City, Oklahoma City and Tampa Bay. When demand increases, so does the workload. That's why it is vitally important for MoviePass to have partners like Usio who can afford us the best opportunity to scale, through their technology as well as their customer service and success teams, to deliver an incredible user experience on our platform." "Without Usio, we wouldn't be able to continually add new cities to our launch list and have the competitive advantage we do in the marketplace," he concluded.
(Source – Business Wire)
About Usio
Usio, Inc., based in San Antonio (Texas), offers a variety of payment solutions to merchants, billers, banks, service bureaus, crypto exchanges, and card issuers. It provides easy, world-class credit, debit/prepaid, and ACH payment processing platforms to clients. Usio Output Solutions provides electronic bill presentation, document composition, deconstruction, printing, and mailing services. The company's innovative prepaid technology and customized card issuance, payment acceptance, and bill payment solutions make it strong.
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INVESTMENT MANAGEMENT, FUNDING
Clearwater Analytics | January 23, 2023
Clearwater Analytics recently announced that Singapore-based fund manager Avallis Investments chose the company to power its investment data management, portfolio analytics, and investment reporting operations in order to drive higher growth across its business.
The supply of investment accounting, reporting, and analytics solutions is an area in which Clearwater Analytics excels thereby, making it a market leader. Avallis Investments is a privately-held asset management firm that operates out of its headquarters in Singapore. The organization's primary goal is to grow the company's presence in the high-net-worth wealth management market in Asia.
Clearwater's single instance, multi-tenant IT platform will give Avallis Investments a complete picture and single source of truth for its clients' investment portfolios. It will gain ‘a single pane of glass’ to examine their entire investment portfolio and quickly address specific reporting difficulties by eliminating the need to manually collect, reconcile, and validate data from diverse sources and systems. Thus, Avallis users can gain practical insights for wealth-building decisions.
Gary Cheo, CEO at Avallis Investments, observed, "After evaluating a number of investment accounting and front-to-back-office investment operations solutions, Clearwater Analytics came out on top."
(Source – Cision PR Newswire)
He further added, "Clearwater's powerful network effects—its single instance, multi-tenant architecture—delivers a clear advantage for us in terms of speed, flexibility, and operational efficiencies. It also aligns with our belief in an open, transparent service model that empowers our clients and put their interests first. In a few clicks, our clients can quickly drill into portfolio specifics and track the necessary information to make effective portfolio decisions, manage risk, and measure performance."
(Source – Cision PR Newswire)
Scott Erickson, President, Americas and Asia, Clearwater Analytics expressed, "We're excited to work with Avallis Investments in supporting their relationship managers with Clearwater's innovative, on-demand technology platform that boosts operational efficiencies and profitability." "Avallis Investments joins our clients in Asia and around the world seeking a transformational, more competitive path forward," he concluded.
(Source – Cision PR Newswire)
About Clearwater Analytics
Clearwater Analytics is one of the leading web-based investment portfolio accounting, reporting, and reconciliation services for institutional investors at hundreds of organizations. It reconciles and reports on $5.5 trillion in assets across thousands of accounts daily. The company provides the global standard for investment portfolio reporting from its headquarters in Boise (Idaho) and offices in Edinburgh, Frankfurt, London, New Delhi, New York, Paris, Seattle, Singapore, and Washington, D.C.
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PAYMENTS, FINTECH
Marqeta | January 31, 2023
On January 30, 2023, Marqeta, the world's leading modern card issuing platform, announced that it reached an agreement to acquire Power Finance, Inc. ('Power'), a provider of software for managing credit card programs. The transaction is anticipated to close in the first quarter of 2023, subject to the fulfillment of customary closing conditions.
Simon Khalaf, the newly-appointed CEO at Marqeta, expressed, "We're thrilled to welcome the Power team and product to Marqeta. We already see considerable demand for differentiated credit products from companies looking to innovate in this space who are held back by the constraints of legacy technology." He added, "We thoroughly examined possible acquisitions to more quickly establish Marqeta's leadership in the modern credit space. It became clear to us that Power would strengthen Marqeta's platform with a best-in-class tech stack for credit card program management."
(Source – Business Wire)
Meanwhile, Randy Fernando, CEO of Power Finance, will now oversee the product management of Marqeta's credit card platform as part of this deal.
The merging of Marqeta and Power platforms will enable the former's customers to create customized credit solutions that meet the changing needs of consumers and businesses. Both organizations were founded on these product ideas to meet developers' current and scalable needs. This arrangement allows Marqeta customers to introduce many credit products and structures, including Power's data science toolbox and Marqeta's rewards innovations. The company intends to swiftly improve its credit offering after acquiring Power.
Randy Fernando, Co-Founder and CEO at Power Finance, stated, "Companies like ours were made possible because of the path Marqeta blazed in modern card issuing, demonstrating the possibilities in payments with flexible and modern payment infrastructure." He added, "At Power, we built a full-stack, cloud-native credit card issuance platform, and by becoming a part of Marqeta we have the ability now to bring this innovation to a much larger market at global scale."
(Source – Business Wire)
Subject to customary adjustments, the purchase price comprises $223 million in cash, of which about one-third is due over two years, subject to certain conditions, while $52 million is subject to a 12-month milestone.
About Marqeta
With the first open API platform, Marqeta makes issuing cards and processing payments lightning-fast and efficient. The company's platform was designed to facilitate a novel payment experience across a wide range of apps and services that are used regularly. Currently, it employs more than 800 people in the United States, the United Kingdom, Europe, Canada, and Asia-Pacific. Its products are used by industry leaders in digital banking, lending, e-commerce, on-demand services, and more. The company has broad agreements with banks and card networks like Visa, Mastercard, and Discover.
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