Amherst Residential’s $2.3 Billion Acquisition of Front Yard Residential

Amherst Residential | February 27, 2020

Goldman Sachs & Co. LLC and Credit Suisse Securities (USA) LLC served as financial advisors to Amherst Residential and Gibson, Dunn & Crutcher LLP served as Amherst Residential’s legal counsel. Deutsche Bank Securities Inc. served as financial advisor to Front Yard and Weil, Gotshal & Manges LLP servws as Front Yard’s legal counsel. Amherst Residential, LLC and Front Yard Residential Corporation (NYSE: RESI) have entered into a definitive merger agreement, whereby Amherst Residential will acquire Front Yard in a transaction valued at approximately $2.3 billion, including debt to be assumed or refinanced. The transaction is expected to close in the second quarter of 2020, subject to customary closing conditions.

Spotlight

Small businesses have always had a harder time securing financing than their larger brethren, but these challenges have grown even worse in recent years. As economic conditions have improved, fledgling firms have been seeking additional capital to invest and expand. While demand for credit from this sector is growing, many banks are reluctant to provide them the financing they need.

Spotlight

Small businesses have always had a harder time securing financing than their larger brethren, but these challenges have grown even worse in recent years. As economic conditions have improved, fledgling firms have been seeking additional capital to invest and expand. While demand for credit from this sector is growing, many banks are reluctant to provide them the financing they need.

Related News

BITCOIN AND CRYPTO

MoneyGram Launched Global Crypto-to-cash Service on the Stellar Network

MoneyGram | June 13, 2022

MoneyGram and Stellar Development Foundation announced the initial roll-out of a first-of-its-kind global on/off-ramp service for digital wallets to increase the utility of digital assets by creating a bridge between cash and cryptocurrencies. The service, which is the result of a partnership announced in October 2021 between MoneyGram and SDF, is now available in several key remittance markets, including Canada, Kenya, the Philippines, and the United States, for the first wave of users, with global cash-out functionality expected to be available by the end of June 2022. MoneyGram will provide this service free for the first year to support development. The collaboration focuses on offering a revolutionary settlement service. The first time, settlement with MoneyGram will occur near-real-time utilizing USDC, one of the dollar digital currencies with the quickest growth rate. This expedites the collecting of cash, increasing efficiency and decreasing risk. With the debut of this service, users of digital wallets may shift from cash to cryptocurrencies and back to cash without needing a bank account or credit card. In addition, consumers may now visit a MoneyGram facility to either load their digital wallets to access the digital economy or cash out their digital currencies to raise the value of their holdings. Users of the Stellar-connected digital wallets Vibrant and LOBSTR may now utilize this service at MoneyGram's international retail locations. Additional Stellar-connected wallets will be added soon. This service also establishes a developer platform that will enable additional wallets and service providers within the Stellar ecosystem and beyond to increase the functionality and reach of MoneyGram's integration with the Stellar network. Elliptic, a worldwide leader in crypto asset risk management, will supply MoneyGram with strong blockchain analytics tools. Wyre, a global pioneer in blockchain payments APIs, will assist other wallets, beginning with Airtm, a digital dollar account, in integrating with the MoneyGram service. MoneyGram will expand the cash-in service to seven additional countries by June. At that time, cash-out capabilities will also be accessible internationally, where authorized by law.

Read More

PAYMENTS

Priority and Mastercard Track Join for a New Partnership to Modernize B2B Payments

Priority Technology Holdings, Inc | March 04, 2022

Priority Technology Holdings, Inc., a well-known payments technology company, has announced its new partnership with Mastercard Track™ to modernize B2B payment solutions for their customers. Mastercard Track Business Payment Service has automated its payments-related data information between buyers and suppliers. The payment data information consists of a portfolio of B2B solutions. Mastercard Track helps businesses increase flexibility, simplicity, and efficiency by providing these solutions, thus optimizing the best option of paying and getting paid across multiple payment platforms. Priority's partners will benefit from the new partnership; they'll get an allowance to use virtual cards, a direct deposit experience. In addition, when customers would make payments through MasterCard Track, they will receive enhanced remittance automatically, which will eliminate the need for manual extraction of payment details and data. On the new partnership news, Stephen Tackett, Executive Vice President and Head of the B2B division for Priority, says, "We are thrilled to be expanding on our successful partnership with Mastercard. Mastercard Track delivers tremendous value to both buyers and suppliers by simplifying and automating the exchange of payments-related data while cutting costs and reducing complexity and risk for businesses." We're seeing a paradigm shift happening in the B2B payments landscape, and Mastercard is working at scale to offer a choice for suppliers and buyers to optimize the best payment option to pay and get paid. With Mastercard Track and through collaborations like this one with Priority, we're delivering on our mission to make B2B payments work for everyone." Marie Elizabeth Aloisi, Executive Vice President of Commercial Solutions for Mastercard Therefore, Priority's incorporation with Mastercard Track will bring best-in-class payment solutions to the market—buyers and suppliers.

Read More

FINTECH

Emprise Bank Selects Treasury Prime as Banking-as-a-Service (BaaS) Partner to Create New Embedded Banking Program

Treasury Prime | November 16, 2021

Treasury Prime, the leading Banking as a Service (BaaS) company, announced today that after a competitive evaluation, Emprise Bank has chosen Treasury Prime as its strategic partner for its new embedded banking initiative. Together, Emprise Bank and Treasury Prime will build a program to enable companies to quickly and easily embed banking services, including bank accounts, payments, and cards, into their products or offerings. The program is scheduled to go live in the first quarter of 2022 and the teams are lining up the first fintech clients. "There has been an explosion of investment in fintech companies and the vast majority of them need a supportive and reliable bank partner so they can build their businesses," said Chris Dean, CEO of Treasury Prime. "Emprise Bank understands what it takes to be a great fintech bank: moving fast, providing clarity and counsel on regulatory issues and compliance, and supporting their clients as they go from launch to growth to scale. Together we're going to power a new generation of fintech and neobank innovation." "The banking industry is rapidly evolving as fintechs and neobanks develop exciting new products and capabilities for their customers," said Emprise Bank Chairman and CEO Matt Michaelis. "We see an extraordinary opportunity to support their efforts by delivering a strong and agile sponsor bank service, in partnership with Treasury Prime, that allows our fintech clients to focus on what they do well. These partnerships will lead to enhanced experiences and improved outcomes for consumers." Embedded finance has become a critical enabler in delivering personalized and relevant solutions as part of someone's daily life. Through our partnership with Treasury Prime, we are able to accelerate innovation, partner with fintechs, do what we do best, and be a meaningful contributor to the rapid evolution of consumer behavior by delivering banking services in new ways." Jason BeckmannEVP Innovation and Strategy "We chose to work with Treasury Prime because our companies have strongly aligned values and Treasury Prime offers a personal touch and a true partnership that goes far beyond a traditional vendor/client relationship," said VP Technology Operations Manager Emily Reisig "They understand our goals of serving fintech clients and give us the ability to do that at scale. Treasury Prime is also the ideal size to be agile as needs change." With each new bank partner, Treasury Prime does a deep and thorough integration into all of the bank's core systems and payments gateways. Treasury Prime then provides an API to make it simple for external clients, like fintech companies or other businesses to embed banking services. With Treasury Prime and Emprise, clients will benefit from direct partnerships with both firms so they can move fast to bring their companies or offerings to market. Treasury Prime is seeing exponential fintech customer growth and is adding a new bank partner every month. About Treasury Prime Treasury Prime is the leading Banking as a Service (BaaS) company that connects banks and fintechs through an API so developers can start building in minutes and launch in days. Treasury Prime's full integration into core banking systems gives developers access to a wide range of banking services from opening accounts to making payments to issuing cards. Treasury Prime is backed by Deciens Capital, Nyca Partners, Pacific Western Bank, QED Investors, SaaStr Fund, Susa Ventures, and Y Combinator. Developers can start building today at https://developers.sandbox.treasuryprime.com/. For more information, visit www.treasuryprime.com. About Emprise Bank Emprise Bank is a customer-focused, purpose-driven financial institution whose mission is to empower people to thrive through personalized solutions and services. Based in Wichita, Kansas, Emprise Bank is FDIC insured with total assets exceeding $2.3 billion. Learn more at emprisebank.com.

Read More