Fintainium Inc, announced today the intent to launch a Joint Venture with Aspire Fund Management, a Trinidad & Tobago based Private Equity and Financial Advisory company that bridges the gap between investors and next-generation innovative, transformative businesses. The joint venture will redefine Fintech in a large part of the region.
Fintainium's Chief Executive Officer, Richard Jackman remarked, "For the last several years we have been working closely with Aspire. It has been the vision of both companies to build to this point; we have both wanted to create a joint venture that would disrupt some large markets and create value for all involved."
Fintainium, an SME workflow automation supply chain finance and fintech payments company, facilitates the relationship between financial institutions, businesses, and other technology companies by combining world-class domestic and international money movement products with workflow, accounting, and reconciliation automation. As a result, Fintainium enhances back-office operations for institutions and streamlines working capital management for end-users.
Kerwyn Valley, Aspire's Managing Director, remarked, "We are excited about the possibilities that a joint venture between our two companies can create. The combination of Fintainium's technology and the brand name of Aspire Fund Management will create a powerful growth vehicle for CARICOM and LATAM. Our region has been seeking solutions like these to make doing business easier, lower the working capital costs and automate repetitive processes. Our solutions and technology will facilitate trade finance and other SME-focused lending opportunities."
The new joint venture, when formed, will also bring North American expertise working with banks and credit unions to the region. Fintainium has been working with banks and credit unions in the United States and Canada for the past three years. As a result, some of the exciting features have been developed with the deep expertise curated by working with financial institutions.
There is a great unmet need in this region to automate back-end processes, centralize data and create an easy to use, streamlined solution to underwrite and fund loans with a very low back office burden. Working capital Is critical to any business's success, but the SME market has specific needs due to their size. This joint venture, when formed, is going to enable companies to operate better than they ever have before and free them up to execute on their core business by providing working capital more efficiently."
Rich Jackman, CEO
With headquarters in Florida and Toronto, Fintainium facilitates the relationship between financial institutions, businesses, and other technology companies. Fintainium combines world class domestic and international money movement products with workflow, accounting, and reconciliation automation. Fintainium enhances back-office operations for institutions and streamlines accounting processes for end-users.
Fintainium is an API-driven and modular platform that was designed to work seamlessly with other platforms. Fintainium's technology enables features such as three minute on-platform loan adjudication, integrated CFO toolkit with business intelligence, real-time payments, credit risk analysis, cash flow optimization, and back-office automation. Fintainium is the only platform that combines all these features into a simple, easy-to-navigate user interface and can also integrate into the background of a 'partner's larger solution.
About Aspire Funds
Aspire Fund Management was founded by financial leaders and successful entrepreneurs, uniting with the purpose of channeling -private equity capital into enterprising, aspiring Caribbean companies – while providing intelligent investment management and generating capital returns for investors. Aspire believes the ability to seize a viable opportunity to help realize and grow a sustainable business is the foundation of its service and central to its overall value proposition. Aspire bridges the gap between innovative entrepreneurs needing capital and investors looking to intelligently fund worthy businesses to create returns above benchmark indexes.
Treasury Prime, the leading Banking as a Service (BaaS) company, today announced that since launching their partnership with Piermont Bank, a tech-enabled digital commercial bank, they have closed partnerships with over 30 fintech companies, including:
Mythia, debit card for gamers (Read the case study)
Tuvoli, a platform for the private air charter industry, (Read the case study)
Wagestream, the financial well-being app for people in work (Read the case study)
"Piermont Bank is a textbook example of what you need to do to be a great fintech bank," said Chris Dean, CEO of Treasury Prime. "Wendy and her team understand the urgency that fintech companies face in getting to market, and they work closely with them to help them solve problems and take advantage of opportunities. Piermont Bank embraces an engaged partner model and for our fintech clients having this direct, supportive relationship with Piermont Bank makes all the difference."
Quick Start Program for Early Stage Fintech Companies
The two organizations also pioneered the Treasury Prime/Piermont Bank Quick Start Program to enable early stage startups to launch in just days with a basic set of banking services including accounts, payments, and debit cards. With the Quick Start Program, companies can test their offerings and find initial product-market fit. When they scale beyond 1,000 users, they can transition to a full relationship with more flexibility and configurability. Initially focused on Y Combinator portfolio companies, Treasury Prime is expanding the program with other premier accelerators.
In order for a BaaS partnership to be successful, it's critical that the bank, the technology partner, and the fintech clients share a cultural alignment. Treasury Prime has been a great partner in working with us to understand the challenges fintech companies face and create innovative approaches like the Quick Start Program to help our mutual clients move fast. Innovation banking is a core pillar of Piermont Bank, I'm very proud of what we've accomplished together."
Wendy Cai-Lee, CEO of Piermont Bank
Benefits of an Engaged Bank Partner Model
Banking-as-a-Service and API banking relationships follow one of two models. There is the "rent a charter model" where a fintech company engages directly only with the API vendor or technology partner and the bank is entirely behind the scenes. The second is the engaged partner model in which both the technology partner and the bank partner play an active role in working with the fintech company. This is how Treasury Prime and Piermont Bank operate.
With Treasury Prime and Piermont Bank, fintech companies can put their focus fully on their business knowing they have access to Piermont's expertise and the Treasury Prime's technology. Some examples of benefits of this model include:
Treasury Prime and Piermont Bank work with their fintech clients to proactively address regulatory requirements and compliance so fintech companies can focus on bringing new offerings to market.
With continuous access to Piermont's expertise and the Treasury Prime's technology, fintech companies can build product roadmaps such as overdraft protection or earned wage advances which go beyond the parameters of a "rent a charter" arrangement.
Markets can change quickly and fintech companies often need to respond fast. Because Piermont Bank is closely aligned with its fintech clients' businesses, it can approve changes and respond to client needs at a moment's notice. What could take weeks or months in another banking relationship can be achieved in a matter of days.
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.
About Piermont Bank
Piermont Bank is a tech-enabled digital commercial bank founded in 2019 with a mission of changing the face and pace of banking. Piermont is women-founded, entrepreneur-led, technology-fortified. It is also the first multiracial Minority Depository Institution (MDI) in the United States. It provides an unprecedented experience that blends the best of banking and agile Fintechs. At Piermont, we deliver peer banking – we meet you where you are, reflect your business needs, and act with speed.
Mastercard today announced a new supply chain finance capability within Track Business Payment Service (Track BPS) – designed to increase access to working capital while lowering costs, reducing complexity and risk, and accelerating automation when businesses pay and get paid
Launched in partnership with Demica, a leading global provider of supply chain finance technology, this new offering empowers Mastercard partners to provide their business customers with access to affordable working capital. Mastercard Track, an open-loop network, can now connect providers of B2B payments and their respective buyer and supplier customers to working capital.
A lack of scalable solutions in the market has put supply chain financing out of reach for many businesses. As a result, only the largest suppliers can access working capital solutions, while trillions of dollars are tied up in accounts receivable each year.
Mastercard’s solution unlocks a network for working capital - covering small businesses and global corporations alike, driving speed to market, and offering ease of integration for payment partners. Demica brings a global, flexible, multi-product financing platform and expansive network of banks and other funders at scale. Payment partners and their customers can benefit from Demica’s capabilities ranging from advisory services, supplier onboarding, and a white-labelled deployment process.
“We are delighted to be working with Mastercard to transform the B2B payments landscape. This partnership will unite Demica’s scalable platform technology with Mastercard’s powerful infrastructure to make a real difference for businesses globally,” said Matt Wreford, CEO, Demica. “Our platform automates financing of payables and receivables and our global network of banks and non-bank investors opens up access to new sources of capital – we’re excited to bring these benefits to more companies through our global partnership with Mastercard.”
By launching this first of its kind, embedded working capital capability in Mastercard’s Track Business Payment Service multi-rail platform, Mastercard is doubling down on its commitment to empower every business to get the working capital they need to thrive. This solution enables payment partners to extend the reach of buyer programs to more of their supply chain partners, strengthening supplier relationships. Suppliers gain improved access to competitively priced early payments and enjoy enhanced user experiences, such as one-time enrollment, standard agreements, and easy implementation leveraging their partner connections.
Helping businesses optimize their working capital has been one of the key goals of Mastercard Track Business Payment Service. Disparate systems and processes in the current B2B ecosystem continue to make cash flow management complicated, increase operating costs, and hinder business growth. Our new offering and partnership with Demica help solve these pain points by allowing buyers and suppliers to unlock their working capital and deploy it to grow their businesses – enabling choice and scale and accelerating financial inclusion.”
Craig Vosburg, Chief Product Officer, Mastercard
Mastercard is integrating its Track Business Payment Service network and its blockchain-based Mastercard Provenance Solution in supply chains across industries. Buyers and suppliers will see improved visibility, traceability, and procure-to-pay cycle times. As a result, payment partners can use this data to reduce risk, decrease reconciliation costs, and help further advance early payments in the accounts payable and receivable processes. The offering will provide access and support to a new suite of APIs to power each step of the commercial payments journey. Learn more at Mastercard Developers.
This new supply chain finance offering is available on Account-to-Account (A2A) rails in the United States with plans for global expansion throughout 2022 as Mastercard continues to onboard partners in this space through its focused approach to global trade.
New Track BPS Partners Offer Choice for Customers Around the World
Mastercard continues its strong growth with network partners supporting Track Business Payment Service which is now live in regions around the world for A2A and global card payments. Today, businesses of all sizes can use this service to optimize payments and streamline reconciliation through payment partners in financial services, fintech, and business automation services industries.
New partnerships in North America include HSBC, FreshBooks, FISPAN and SnapAP who will offer the Track Business Payment Service capability to their commercial customers. In addition, global scale continues around the world with new partners in the Middle East & Africa, Latin America, Europe and Asia Pacific including: Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Cirralto, Emirates Islamic Bank P.J.S.C, First Abu Dhabi Bank, FlowPay, H&CO, Mashreq Bank, RAKBANK, RFM Loyalty, Standard Bank, and Telr.
About Mastercard (NYSE:MA):
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.
We are a market-leading fintech, powering the trade finance programmes of the world’s largest trade banks and corporations. Demica’s proposition is simple: our intuitive, cloud-based platform enables financial institutions and corporates to automate and scale their working capital solutions. Today, we have over US$18bn of programs running through our platform, across the full spectrum of working capital products. Funded by a diverse range of banks and institutional investors, these programs enable companies to strengthen their supply chains and redeploy capital to drive growth.