Adyen, Flywire | December 15, 2020
Adyen, the worldwide payments platform of decision for huge numbers of the world's driving organizations, and Flywire, a high-development vertical payments company, today reported a partnership which coordinates Adyen into Flywire's worldwide organization of payment partners.
Through the coordinated effort with Adyen, Flywire's clients – dominatingly, associations in the instruction, medical services, and travel enterprises – will profit by:
Extended range of service – support across more global markets with an increased number of local payment methods and currencies
Expanded capabilities – including additional support for recurring billing transactions and stronger fraud identification through Adyen's risk management product, RevenueProtect
The partnership is pointed toward conveying the most recent payment usefulness to encourage consistent client venture. Together, Adyen and Flywire will reinforce development in payments and drive measure enhancements for the vertical businesses that the two organizations cooperatively uphold, on a worldwide premise.
"The global recession triggered by COVID-19 has thrust payments into the spotlight. The ability to pay whenever and however they choose has become a pre-requisite for consumers looking for a familiar, secure and transparent payment experience, particularly for high-value expenses like tuition fees or a package holiday," said Darren Woodward, Senior Director of Payments, Global Cards Network.
Darren continues, "This means we must offer our clients global reach with the comfort of local payment methods, currencies and support for their clients, as well as state-of-the-art fraud protection and security. Our partnership with Adyen ensures that organizations we work with can deliver the payment experience their customers not just expect but increasingly demand."
"The current economic climate means it's never been more important to understand local currencies and preferred payment methods," said Roelant Prins, CCO of Adyen. "Offering customers the ways they prefer to pay is crucial, especially when selling to international customers. If we think of the example of paying for tuition fees for overseas students, it's paramount that such an important payment can be made in a method the student or parent trusts. We are thrilled to be working with Flywire to do just that."
Adyen is the payments platform of choice for many of the world's leading companies, providing a modern end-to-end infrastructure connecting directly to Visa, Mastercard, and consumers' globally preferred payment methods. Adyen delivers frictionless payments across online, mobile, and in-store channels. With offices across the world, Adyen serves customers including Facebook, Uber, Spotify, Casper, Bonobos and L'Oréal. The cooperation with Flywire as described in this merchant update underlines Adyen's continuous growth with current and new merchants over the years.
Flywire is a high-growth vertical payments company trusted by organizations around the world to deliver on their customers' most important moments. Unlike other payment companies, Flywire is proven to solve vertical-specific payment and receivables problems for organisations that deliver high-value services.
Whether in education, healthcare, travel or technology, Flywire has vertical-specific insight and technology that allows organisations to optimise the payment experience for their customers while eliminating operational challenges.
Soldo | July 22, 2021
Soldo, the leading European pay and spend automation platform, today announced the completion of a $180 million Series C investment round, a European record in the spend management category. Temasek, a significant global investor headquartered in Singapore, led the funding.
Sunley House Capital, Advent International's crossover fund, and Citi Ventures are among the new investors in the round, which also includes debt funding from Accel, Battery Ventures, Dawn Capital, and Silicon Valley Bank. Goldman Sachs served as Soldo's exclusive placement agent for the transaction.
Despite the adverse macroeconomic situation, this investment follows a 4x increase in spend volume throughout Soldo's platform since series B. The European pay and spend automation platform from Soldo provides organisations with real-time visibility and expense control across all departments. Soldo will be able to continue accelerating product development and market expansion across Europe's $170 billion addressable market as a result of the fundraising round.
Soldo is uniquely positioned to assist businesses in managing their spend, having served over 26,000 customers ranging from small and mid-market to multinational corporation in over 30 countries. Whether it's in the travel and entertainment industry, internet advertising, vendor management, software subscriptions, or anything else. Mercedes-Benz, GetYourGuide, Gymshark, Bauli, and Brooks Running are among its clients.
Carlo Gualandri, Soldo's CEO and Founder, stated: "We are thrilled to have Temasek on board as the lead investor. Temasek's insights will be beneficial to us as we scale our platform and product, given they have a track record of investing in category-leading fintechs. Managing business spend is expensive and difficult, but Soldo continues to demonstrate its value and ease of use to customers of all sizes and industries. This category will undoubtedly increase exponentially as more firms realise the benefits, and Soldo is ideally positioned to assist them."
Corporate payments have traditionally been made via a few methods: bank transfers and corporate credit cards. Each of these solutions comes with its own set of administrative headaches and security threats. Of course, once the transactions are completed, there is a blur of receipts, expenditure reports, classification and reconciliation, budgeting, and analysis – none of which are linked. Soldo is the digital solution to this enormously expensive problem.
According to Simon Lambert, a director at Sunley House, Advent International's crossover fund: "We are thrilled to be investing in Soldo. Our background in software and payments technology provides us with a unique perspective, and we are certain that Soldo will be at the forefront of financial digitalization. We are excited to work with the company's great management team to establish Europe's premier pay and spend automation platform in a broad and rapidly growing market."
Soldo's spend management platform, which has been under development for five years, is built on a wholly owned technological stack and is supported by regulated financial services and payments infrastructure. Customers may connect with 50+ cost management platforms, including Concur and Expensify, using Mastercard Smart Data, allowing Soldo to innovate faster and integrate with top accounting software such as NetSuite, QuickBooks, Zucchetti, and Xero.
Citi Ventures Managing Director Luis Valdich stated: "Citi Ventures was struck by Soldo's intriguing strategy and game-changing aim to assist businesses better manage and control their spending. We are excited to work with the company as it extends its platform and impacts the future of business spending."
Soldo also makes life easier for employees who have to deal with difficult expense reports, misplaced receipts, and are frequently out of pocket. The mobile app enables receipt and transaction capture at the point of sale.
"We know senior finance employees and CFOs presently spend more than half of their time on tedious duties, and the major cause for this is due to unconnected payment systems and manual, time-consuming processes," stated Mariano Dima, Soldo President.
"In a survey of CFOs and finance directors, Soldo discovered that lax expenditure controls are costing European firms 2% of their annual revenue due to the pandemic."
This is an expensive reality that Soldo hopes to eliminate – by making employees' life easier and businesses more aware of all costs – because only then will they be able to truly control their expenditure and thrive post-pandemic and beyond."
Soldo raised $61 million in Series B funding in July 2019 and has since grown dramatically in size, employing over 200 people across locations in London, Dublin, Rome, and Milan. The fresh amount of funding will allow the company to hone in on new regions such as Benelux, France, and Germany, where Soldo sees enormous potential for hyper-growth.
Soldo is a European pay and spend automation technology that integrates Mastercard® smart corporate cards with comprehensive management software. Soldo is used by over 26,000 firms, ranging from tiny businesses to multinational corporations, in over 31 countries to manage and control expenditure.
Soldo, headquartered in the United Kingdom, with offices in Dublin, Milan, and Rome, enables customers such as Mercedes-Benz, GetYourGuide, Gymshark, Bauli, and Brooks Running to spend business money on travel and entertainment, advertising, purchases, software subscriptions, e-commerce, and more. Custom budgets and real-time transaction tracking allow financial decision-makers to regulate every expenditure.
Begin spending more wisely.
We are honoured to have the backing of some of the world's most influential investors, including Accel, Battery Ventures, Citi Ventures, Dawn, Silicon Valley Bank, Advent International, and Temasek.
Temasek is a Singapore-based investment firm with a net portfolio value of S$381 billion (€241 billion, £206 billion) as of March 31, 2021.Temasek Charter specifies its three duties as an Investor, Institution, and Steward, as well as its attitude of doing well, doing right, and doing good. It aspires to facilitate answers to important global concerns as a provider of catalytic finance. With sustainability at the heart of all Temasek does, it actively pursues sustainable solutions to current and future challenges, as well as investible opportunities to ensure a sustainable future for everybody.
Myver | November 27, 2020
Anybody can give an advanced receipt – yet what happens a short time later is totally covered by the Myver™ patent.
Myver was encouraged to give a progressive and completely automated corporate expense management system. The new idea is something beyond the next generation frictionless expense handling, and has as of late secured US patent protection (No. 10,515,420). The patent gives Myver the sole option to handle and deal with computerized receipts (likewise messages and photographs of) and related information, both on a corporate and private level.
With Myver completely coordinated, when an individual (corporate or private) uses their card or installment arrangement the expense will be naturally prepared, sorted and hailed to management for endorsement whenever required. Business individuals will no longer need to check paper receipts or take photographs, money groups will no longer need to handle expenses and the new system will assist with decreasing unapproved spending and misrepresentation sparing banks and organizations millions.
Commenting on the development, Mr. Ejlersen, Co-inventor and founder, said: "We are delighted to have secured the US patent for Myver, which is set to change the way we all process receipts and expenses forever. At a time when tackling climate change is crucial and avoiding unnecessary contact is important for health reasons, this new paper free eco-friendly system will be beneficial for the environment and public health now and for future generations.
The Myver business system covers all processes from the handling and utilization of digital sales receipts to Enterprise Resource Planning (ERP). This includes direct feed to ERP systems, bookkeeping, budgeting, reconcile accounts, receipt storing, direct marketing, storing warranty information and warranty reminders, fraud and false claims prevention, as well as direct customer financing.
The annual cost of handling fraud and false claims in US businesses is over $1bn and we believe it is time for change. Saving people, businesses and banks time and money, and reducing fraud risk, this new system will make the world more efficient and productive."
Having built up the cycle and strategy, the Co-creators and authors welcomed on board senior chief Jesper Ronald Petersen who was previously Global Head of Financial Institutions and Senior Vice President at Danske Bank and has more than 30 years' experience of working in banking and fintech.
Having secured the US patent, the Danish and London based group, are now chipping away at taking the system to a worldwide level. The Myver group is in discourse with potential US, European, and Chinese joint endeavor and permitting accomplices.
Accomplices will profit by the potential for corporate and retail upselling as an extra income stream, direct advertising openings, large information bits of knowledge, extortion and bogus case counteraction and remarkable guarantee update benefits. The natural and Coronavirus secure highlights of Myver could likewise assist with boosting the Environmental, Social and Governance (ESG) accreditations of accomplice organizations and organizations.
All organizations handling or preparing computerized receipts including worldwide related information dealing through US workers, needs a permit or business manage Myver to proceed with their activities.
Myver welcomes pertinent gatherings to acquire a permit to catch the immense business openings and join molding the eventual fate of advanced receipts and what comes after.