PAYMENTS

Pana to Deliver an Innovative Digital Banking Experience to Hispanic in USA

Pana | February 24, 2022

Pana_to_Deliver
Pana, a Latino-focused neobank, has announced joining Visa’s Fintech Fast Track program. It has joined intending to speed up integrating with Visa, a world leader in digital payments. Pana with Visa can easily leverage the capabilities, reach, and security measures that VisaNet offers. VisaNet is the company’s global payment network, which will further issue Fast Track to Pana to address key pain points of Hispanics in the USA for managing banking services.

“Among the Hispanic community, banking is a group thing — it is experienced through a communal approach to expenses and family sharing,” said Pana’s CEO & co-founder PieroNúñez-del Risco. “That’s why we are building an easy to open digital bank account through which users with shared needs can connect and perform basic banking transactions currently outside their reach.”

Piero, former Head of Scotiabank’s Digital Factory in the Caribbean and Central America, and Luis Peña, leads the team having a proven track record in digital banking and technology.  Furthermore, Visa’s Fintech Fast Track Program will provide Pana with the ability to access Visa’s rising partner network, which will guide in helping them get up and running in the most efficient way possible.

By joining Visa’s Fast Track program, exciting Fintechs like Pana gain unprecedented access to Visa experts, technology, and resources. Fast Track lets us provide new resources that are rapidly growing companies need to scale with efficiency.”

Terry Angelos, SVP and Global Head of Fintech, Visa, 

Spotlight

Over the past few years, the banking industry has evolved by leaps and bounds. Aggressive competition and regulatory pressures have always challenged banks, but new competition from FinTechs and non-financial services firms.

Spotlight

Over the past few years, the banking industry has evolved by leaps and bounds. Aggressive competition and regulatory pressures have always challenged banks, but new competition from FinTechs and non-financial services firms.

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PAYMENTS

Adyen Partners with Flywire to Boost Global Payment Capabilities

Adyen, Flywire | December 15, 2020

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FUNDING

Soldo, A Spend Management Fintech, Has Closed A Record $180 Million Series C Round

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. 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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. About Soldo 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. About 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.

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PAYMENTS

Myver to Provide Revolutionary and Fully Automated Expense Management system

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.

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