Goldfinch Partners and Baupost Closes Acquisition of Western Union Business Solutions for $910 million

Goldfinch | March 02, 2022

Goldfinch Partners LLC and The Baupost Group, LLC announce their milestone achievement by closing the Western Union Business Solutions (WUBS) acquisition for $910 million. WUBS will be renamed Convera as a new standalone B2B global payments company. In 2021, it registered beyond 20 percent revenue gain and payments volume of $170 billion. Patrick Gauthier will be serving as Convera’s CEO.

About this news, Mr. Gauthier shared his words. He says, “At Convera, our purpose is to make global payments so easy that every business around the world can grow with confidence. Convera incorporates the agility of a fintech with the scale, sophistication, and breadth of capabilities of a global financial institution. We plan to bring innovation, value, and exceptional service to our customers with focused investments in our product offerings, technology, and people.”

Convera is known for being the largest non-bank fintech in B2B payments at the global level. Its seamless payment infrastructure makes the cross-border money transfer process stress-free and straightforward, thus allowing its customers to use the platform with ease globally. The payment business significantly reaches 140+ currencies around 200+ countries and 60+ global banking partners. Customers registered with the platform’s usage is recorded to be more than 30,000 from across small and medium-sized businesses, law firms, financial institutions, educational institutions, and NGOs.

We are eager to reach this important milestone in Convera’s next chapter. We’re particularly excited to be bringing Patrick on board, which we have known and admired for years. We have full confidence in his ability to further position Convera for significant growth, with its unparalleled scale, diverse and loyal customer base, and breadth of solutions.”

Bill McNichols, managing partner and co-founder of Goldfinch Partners

Furthermore, Convera will involve multiple veteran fintech professionals to its leadership team, mainly from Amazon, BCG Digital Ventures, BCG, PayPal, and Visa. The names include Dharmesh Syal (Chief Technology Officer), Jodi Krause (Chief People Officer), Drew Weinstein (Chief Commercial Officer), and Jody Visser (Chief Transformation Officer). They are joining the existing WUBS leadership team, including Andrew Summerill (Chief Financial Officer), Michel Foricher (Head of Operations), and Tristan van der Vijver (Chief Compliance and Risk Officer).


Enterprises across the globe have been grappling with the problem of ever-increasing customer expectations for many years; more so after the pandemic. Customers expect more channels, faster and personalized responses without long wait times.

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Enterprises across the globe have been grappling with the problem of ever-increasing customer expectations for many years; more so after the pandemic. Customers expect more channels, faster and personalized responses without long wait times.

Capgemini’s Smart Contact Center Solution on Pega enables banks to provide a seamless, omni-channel experience, self service capability to their customers; by leveraging Pega’s Industry Leading Intelligent Automation, Decisioning and Omni-Channel capabilities.

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Grasshopper Partners with Sydecar to Power Tech-Forward Banking for Venture Investors

Accesswire | May 10, 2023

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PRnewswire | April 25, 2023

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"We believe digital banking has significant growth potential globally, particularly in Southeast Asia. With one of the highest mobile penetration rates and increasing affluence, the region is seeing a clear evolution in customer behaviours and needs, notably a generational shift toward digital products and services – and a strong preference for integration between them. To cater to these preferences, it is imperative that companies focus on personalization capabilities and ecosystem business models. Based on our experience, this shift in the market makes the case for greater digital banking penetration," says Saurabh Dhingra, EY-Parthenon Financial Services Partner, Ernst & Young Solutions LLP. "The launch of the DPB platform is a major milestone in iFAST Corp's journey to become a global Fintech player. As a participant in EnterpriseSG's Scale-Up programme, iFAST Corp is an example of a high potential Singapore company with global ambitions. 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Through the years, the Group has built a well-established Fintech ecosystem connecting its product providers and clients. iFAST Corp holds the requisite licenses in the various jurisdictions it operates in to provide a wide range of products and services. As at end December 2022, the Group offers access to over 17,000 investment products including over 11,500 funds from over 300 fund houses, over 1,850 bonds, stocks and ETFs listed on the Singapore, Hong Kong, US, Malaysia, China A stock exchanges, as well as services including online discretionary portfolio management services, research and investment seminars, Fintech solutions, and investment administration and transaction services.

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PRnewswire | May 18, 2023

PNC Bank, N.A. today announced an expansion of its financial wellness offerings for clients through the introduction of PNC Student Debt Solution, powered by Candidly™, a student debt and savings optimization platform. PNC Student Debt Solution offers client company workforces access to a holistic platform to help them reduce and manage the impact of their student loans. Amid a rapidly changing and competitive employment market, companies are exploring differentiated benefit offerings to attract and retain talent. With the Federal Reserve estimating that 50% of employees between the ages of 22 and 44 carry some amount of student loan debt, student debt benefits are growing in popularity among financial wellness incentives. Studies show that employees who use student debt management tools are more likely to show strengthened engagement in their jobs, have an increased rate of retention and are less likely to experience burnout. "When it comes to attracting and retaining a talented workforce, our business clients of all sizes are looking for new and innovative ways to set themselves apart to prospective employees," said Matthew Evans, executive vice president at PNC Bank, overseeing Organizational Financial Wellness. "At PNC, we understand the labor market has changed greatly in the past few years and continues to evolve at a rapid pace. It is our goal to introduce products and services to our clients that help them and their employees reach their financial goals." PNC Student Debt Solution is a customizable offering that provides employees with decision tools and actionable tasks to develop and execute debt reduction plans, identify forgiveness opportunities, set repayment schedules and compare refinancing options. The platform guides employees through each stage of the student debt journey: Plan: Professionally designed resources help users create a realistic, informed plan for covering the expense of student debt and steps for putting it into action. Fund: Leveraging a network of lenders through the multi-lender marketplace, users can easily find competitive rates on private student loans. Repay: Personalized guidance is paired with student debt optimization tools to help lower monthly bills, pay down debt or even identify eligibility to have debt forgiven. Build: Save on student loans and better allocate resources toward other beneficial uses like HSA and 401(k) programs. "The PNC Student Debt Solution, powered by Candidly, will enable Americans, across all ages and wages, to make meaningful progress on their journey from debt to wellness to wealth," said Laurel Taylor, founder and CEO of Candidly. "It is an honor to work with PNC in service of our shared mission of financial wellness for all." PNC Student Debt Solution is powered by Candidly, whose mission is to unlock student debt savings to empower individuals to go beyond debt and into financial wellness. Candidly partners with leading employers, 401(k) and 403(b) recordkeepers, financial institutions and more to offer solutions for those planning for college, repaying student debt or saving for the future. About PNC PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.

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