FINANCIAL MANAGEMENT, INVESTMENT MANAGEMENT
Pretium and iCapital | March 13, 2023
Pretium, a specialized investment company that manages over $50 billion in assets, and iCapital1, a fintech platform that provides access to alternative investments for the wealth management industry worldwide, have recently come together to announce a custom technology and distribution partnership.
Don Mullen, Founder and CEO of Pretium, expressed, "We're excited about our new partnership with iCapital and the range of tech-enabled solutions it will unlock for our private wealth investors and their advisors now and into the future."
(Source – Cision PR Newswire)
Since its inception in 2013, iCapital's comprehensive digital platform has effectively enhanced the customer experience by automating subscriptions, making the investing process more transparent, and integrating the performance and reporting of alternative investments.
Lawrence Calcano, Chairman and CEO of iCapital, added, "We are thrilled to partner with Pretium to support their priority of providing institutional-style access of alternatives to advisors and their clients."
(Source – Cision PR Newswire)
About Pretium
Founded in 2012, Pretium specializes in U.S. real estate, residential credit, and business credit to capitalize on market shifts, disruptions, and inefficiencies. With an integrated analytical and operational system, the company manages over $50 billion in real estate investments across 30 U.S. regions and has a strategic advantage over other investment managers.
About iCapital
One of the largest fintech companies, iCapital, powers the alternative investment industry. The company has changed how access to private assets, such as equities, credit, real estate, infrastructure, structured investments, annuities, and risk-managed solutions, is facilitated for clients by the wealth management, banking, and asset management sectors. It has achieved this through user-friendly, end-to-end technology and auxiliary services, educational tools and resources, and powerful capabilities for due diligence, compliance, and portfolio analytics.
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FINANCIAL MANAGEMENT, INVESTMENT MANAGEMENT
ViewTrade | January 03, 2023
The broker-dealer subsidiary of ViewTrade Holding Corporation, ViewTrade Securities, Inc., announced the launch of its carrying broker services. This expands ViewTrade Holding Corporation's already robust B2B2C technology and services offerings, which are used by a variety of international customers, including broker-dealers, registered investment advisors (RIAs), and Fintechs.
The financial services clients of ViewTrade Securities now have the option of opening accounts with clearing firms, brokers, and bank custodians connected to ViewTrade's technology, using carry broker technology to carry their own customer accounts, or having ViewTrade Securities, Inc. open, maintain, and bring their customer accounts directly to create an even more seamless and affordable customer experience of integrated services.
Brokerage firms exist to assist their clients in bringing together two sides for trade, bringing buyers and sellers together at the most incredible price feasible for each, and extorting a commission for their service. Full-service brokerages provide extra services like research and advice on various financial products.
ViewTrade offers financial services clients the technology, support, and brokerage services necessary to swiftly begin or improve a retail investment experience. ViewTrade is dedicated to providing simple, affordable solutions, and its product and service innovation is driven by customer needs and created in collaboration with its financial services clients.
About ViewTrade
ViewTrade powers global fintech and cross-border investing. It helps business innovators launch or improve retail investing with technology, support, and brokerage services. Its approach has helped over 300 firms, from tech startups to large banks, brokers, and advisors, differentiate customer investment experiences. The company helps business clients with investment access and financial solutions in over 20 countries. Meanwhile, Orbis Systems and ViewTrade Securities are owned by ViewTrade.
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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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