Circle raises $110 million, plans to create dollar-pegged cryptocurrency

Goldman Sachs | May 16, 2018

Goldman Sachs-backed (GS.N) cryptocurrency startup Circle has raised $110 million in an investment round led by Chinese virtual coin mining giant Bitmain Technologies, Circle said on Tuesday. Boston-based Circle also said it would create a new cryptocurrency pegged to the price of the U.S. dollar, enabling businesses and consumers to transfer value more efficiently. Each token, called Circle USD Coin (USDC), will be backed by reserves of U.S. dollars, Circle said. The effort is set to begin this summer.

Spotlight

One-third of internet users in the region conduct online banking .In Latin America,online banking reaches one-third of the population ages 15 and older. Programmatic Advertising Rising Investments & New Realities

Spotlight

One-third of internet users in the region conduct online banking .In Latin America,online banking reaches one-third of the population ages 15 and older. Programmatic Advertising Rising Investments & New Realities

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FINTECH

Global Fintech, Jeeves, and MasterCard Join Forces to Offer Fully Locally-Issued Physical and Virtual Cards for Mexican Businesses

Jeeves | November 29, 2021

Mexico is one of the fastest-growing economies in the world, yet its local businesses still struggle to access credit without exorbitant fees and tedious paperwork. Mastercard, the world's leading payments company, and Jeeves, the preferred financial partner for Mexican businesses, have partnered together to solve this issue by launching the first physical card that allows companies to pay in any local currency from all countries Mastercard currently operates. The startup ecosystem in Mexico and all of Latin America is thriving. As founders ourselves, we understand their needs, which is why it is important that we offer this card to them now. In addition to no fees and up to 4% cashback, our cards provide the flexibility and security LATAM startups are hungry for." Dileep Thazhmon, CEO and founder of Jeeves. Jeeves is the first and only expense management and business banking company in Mexico that is a fully-approved Mastercard Principal Member with both physical and virtual cards. Jeeves cardholders can benefit from no fees, unlimited virtual cards, and up to 4% cashback. Since its launch in January 2021, the company has successfully onboarded over 700 businesses in Mexico, including Runa, Moons, Bitso, Kavak, Jüsto, etc. Kavak, one of the fastest-growing Mexican startups, has been using Jeeves card during the last year. Carlos García Ottati highlights its benefits: "Jeeves makes everything faster. Kavak is growing exponentially. We need a partner that understands and fulfills our needs. Thanks to Jeeves card and expense platform we can operate cross border seamlessly." "Thanks to Jeeves, we can grow our business without worrying about the logistics of expenses and payments. Each of our team members has access to their own cards and is tailored to their specific needs. When we travel - Jeeves makes it easy. You can pay in any currency and link it to the bank account you prefer. Our finance team loves it. No other company lets you go global so easily and quickly," says Alexander Clapp, Moons COO, and co-founder. "In recent years, we have seen an exponential growth of the fintech ecosystem in the market. We are very excited about this alliance with Jeeves. Through these collaborations, we can contribute to a fast digital transformation that provides startups with the products that directly align with their needs and facilitate access to financial services," assured Pablo Cuarón, Director of New Payments Flows at Mastercard México. Unlike traditional financial service providers, Jeeves approves credit cards in record time and with no personal guarantees. This allows companies to operate immediately with the support, strength, and network of Mastercard. The partnership allows Jeeves cardholders to use their cards in all countries where Mastercard currently operates, allowing companies to pay in local currency including Mexican Pesos, Colombian Pesos, USD, and GBP, with 30 days of credit. The partnership comes off the heels of two successful funding rounds backed by some of the most prestigious investors in Silicon Valley, including Andreessen Horowitz (a16z), Y Combinator, and CRV, raising a total of over $188 million. About Jeeves Jeeves is an all-in-one expense management platform for startups in global markets including Mexico, Colombia, Chile, Canada, UK and Europe. Cash, corporate cards with up to 4% cash back, and cross border payments all run on the Jeeves proprietary infrastructure which allows companies to spin up their finance function within minutes. Jeeves can handle multiple currencies for payback. More than 1000 global companies trust Jeeves with their financial payment stack. Jeeves has raised $188 Million from Andreessen Horowitz, Y Combinator, CRV, Tencent and Silicon Valley Bank to fuel its international expansion. About Mastercard Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

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CORE BANKING

Finastra identified as a leader in corporate digital banking platform market

Finastra | September 01, 2021

Finastra has been named a leader in corporate digital banking platforms by Celent. Two reports, which cover North America and the rest of the world, recognize Finastra's standout capabilities in this sector. The reports, titled 'Corporate Digital Banking Platforms: North America Edition' & 'Corporate Digital Banking Platforms: EMEA/APAC/LATAM Edition', are aimed at banks looking to enhance their corporate digital banking offering and highlight Finastra as an attractive platform in this market. Finastra has excelled in the 'Breadth of Functionality' and 'Customer Base and Support' categories. Patricia Hines, Head of Corporate Banking, Celent, said, "Banks looking to capture a greater share of the corporate banking wallet must think carefully about their investment decisions in order to ensure they meet their clients' unique demands for ease of use, flexibility, and convenience. Banks must vigorously analyze their corporate digital banking platform, the linchpin to effectively deliver a bank's products and services to its customers. Finastra's solution has shown stand out capability to support banks as they embark on their digital transformation journeys." Veena Rao, Vice President, Fusion Corporate Channels, at Finastra said, "We are thrilled that a much-respected industry analyst house has recognized the success and potential of our corporate digital banking solution. The platform paves the way for step-by-step transformation, with standard APIs and a microservices approach that supports digital transformation. Moreover, connectivity with our FusionFabric.cloud development platform drives open innovation and co-creation of value-added solutions." Patricia Hines added, "Finastra is the only provider in this analysis that supports nearly every functionality attribute in the Celent taxonomy and the majority of digital channels, demonstrating notable breadth of functionality. Finastra also stood out in new deals over the past two years, number of clients on the latest software version, customer references, breadth of training types, and annual client conference." Finastra's Fusion Corporate Channels solution delivers portal technology to unify trade, supply chain finance, cash, lending, and treasury services for corporate clients. More than 100 financial institutions and multinational corporations use the technology, benefitting from flexible, intuitive channel applications that can be delivered on demand, globally, and on any device. About Finastra Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world's top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers.

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PAYMENTS

Roxe Partners with Nium to Power Seamless Real-Time Cross-Border Remittances and Payout Services in Key Global Markets

Nium | November 19, 2021

Nium, a leader in global payments and card issuance for businesses, and Roxe, the next-generation, open global payment network, today announced a strategic partnership that will allow Roxe to leverage the reach of Nium's network to pay out to key global markets, including from the US to Europe, the UK, Australia and Asia, in real-time. Nium supports payouts to as many as 190 countries (85 in real-time) in 100+ currencies and pay-ins to 35 markets. Foundational to Nium's global payments infrastructure is its license portfolio, with licenses in 11 jurisdictions globally and a robust suite of regulatory and compliance technologies. We are delighted to work with like-minded partners such as Roxe, to serve their mission of empowering banks, payment service providers and other connected financial institutions to provide real-time, low-cost payments and payment acceptance to their customers across the world." Michael Bermingham, Chief Business Officer and Co-Founder at Nium. Roxe unifies fragmented global payment systems to provide instant peer-to-peer global payments that do not rely on the correspondent bank model, leveraging the latest advances in blockchain and decentralized liquidity technology to deliver instant settlement on the blockchain, lower foreign exchange costs, and lower cross-border remittance costs. With an unmatched network to deliver global embedded financial services and the capacity to provide integrations in as little as four weeks, Nium provides the speed and scale for customers to unlock new revenue opportunities and improve cash flow economics throughout the global economy. "Our partnership with Nium enables us to better deliver on our promise of instant peer-to-peer payments that don't rely on the antiquated correspondent bank model. We pride ourselves on removing barriers so that financial value moves at unprecedented speed at much lower costs anywhere in the world. Partnering with Nium provides us an even more seamless, reliable, and cost-efficient experience for our global customers," said Thomas Trepanier, Managing Director of Roxe. Roxe's integration with Nium's payout capability will enable Roxe to provide expanded and streamlined real-time payment capabilities from the US to Europe, the UK, Australia and Asia. About Roxe Roxe is a global payment network that uses blockchain to make money smarter. Roxe's smart payment technology automatically selects the best route for the fastest, least expensive, and most reliable payments for any business or individual anywhere in the world. The company unifies fragmented global payment systems so that payment and remittance companies, banks, central banks, and consumers can get the speed and cost savings benefits of blockchain technology without directly transacting with cryptocurrencies. Roxe also removes barriers of time, geography, and currency so that financial value moves with unprecedented speed across the globe. Powered by Roxe Chain, a hybrid blockchain purpose-built for payments and other value transfer applications, Roxe also empowers its partners to offer their end customers ultra-fast remittance and payments products. Roxe is designed to be the fundamental component of the global payments industry and is compatible with any traditional and digital financial system. About Nium Nium is a leading embedded fintech company that provides banks, payment providers, and businesses of any size with access to global payment services via one API. Its modular platform powers frictionless commerce, helping businesses pay and get paid across the globe with services for payouts, pay-ins, card issuance, and banking-as-a-service. Once connected to the Nium platform, businesses have the ability to pay out in more than 100 currencies to over 190 countries - 85 of which in real time. Funds can be received in 27 markets, including Southeast Asia, UK, Hong Kong, Singapore, Australia, India, and the US. Nium's growing card issuance business is already available in 33 countries, including Europe (SEPA), the UK, Australia and Singapore. Nium owns the broadest license portfolio, covering 11 of the world's jurisdictions, enabling seamless global payments and rapid integration, regardless of geography. Nium was named to the CB Insights Fintech 250 (2020, 2021), which highlights the most promising Fintech companies globally.

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