FINANCIAL MANAGEMENT, FINTECH
JG Wentworth | December 06, 2022
JG Wentworth is pleased to announce that it has acquired the digital lending platform from Stilt Inc., a San Francisco-based fintech and personal loan lender. Stilt was backed by leading venture capital firms, raised $322 Million in debt and equity to build a powerful end-to-end digital lending and servicing platform. The acquisition combines JG Wentworth's nationally recognized brand with a state-of-the-art fintech platform, accelerating its entry into the consumer lending space and supporting its mission to provide financial solutions for millions of everyday Americans looking to improve their situation.
The acquisition adds Stilt's robust and proprietary data sets with over $5 billion in loan applications and more than 2.5 million bank transactions to JG Wentworth's existing database of over 25 years of customer engagements – all of which will power deep data analytics providing superior risk insights into consumer behavior. The acquisition also enables JG Wentworth to offer customers a hybrid loan origination model ranging from an all-digital, fully automated experience to the more personalized customer service capabilities of JG Wentworth's national call center, allowing consumers to choose the user experience that works best for them. JG Wentworth expects to begin originating loans in the first half of 2023.
"We're excited about this new direction for JG Wentworth, and the possibilities it unlocks in our mission to become the leading provider of financial solutions that help everyday Americans, The Stilt platform will provide industry-leading digital capabilities to JG Wentworth's customers with a user-friendly experience and rapid underwriting decisions. We are now uniquely positioned to provide products that meet the personal finance needs of millions of our customers."
-Randi Sellari, CEO of JG Wentworth
This exciting acquisition and our entry into the consumer lending space will allow us to provide more products to the many customers that are already engaging with JG Wentworth daily. Stilt's digital platform will allow our customers to interact through a mobile app, our website, telephonically or a combination of these options. The Stilt acquisition also provides unique historical customer credit data to JG Wentworth's data analytics team that, through robust data analysis and credit modeling, will help us make better underwriting decisions that will provide our investors with strong risk-adjusted returns, said Joseph Toms, President, and Chief Strategy Officer at JG Wentworth.
JG Wentworth's strong brand awareness and its unique position amongst consumers provide a powerful customer acquisition engine. With Stilt's complementary digital platform, and proprietary consumer credit data, the Stilt team is excited to be part of JG Wentworth and help launch its lending business. noted Rohit Mittal, CEO of Stilt Inc. and now SVP of Lending at JG Wentworth.
About JG Wentworth
JG Wentworth is a consumer financial services company powered by more than 550 employees across the country who are committed to delivering personalized financial solutions that meet the needs of everyday Americans. Current product offerings include structured settlement payment purchasing, annuity payment purchasing, lottery and casino payment purchasing, and debt resolution services. In 2023, JG Wentworth will launch its lending business initially focusing on debt consolidation loans. JG Wentworth was founded in 1991 and has offices in Chesterbrook, Pennsylvania and in Silicon Valley.
About Stilt Inc.
Stilt was built to democratize access to transparent credit products for the millions who are currently shut out by the financial system, such as immigrants, international students, DACA and visa holders. Founded by immigrants on visas, Stilt has lent to people from more than 150 countries around the world.
Persefoni and Deloitte | November 14, 2022
Deloitte and Persefoni have formed a strategic alliance to develop analytics solutions in order to help provide organizations in the banking and insurance sectors a new path for measuring, disclosing, and managing their carbon footprints — both operational and financial — as part of their climate journey.
As chiefs of sustainability and finance work together to address their climate management and accounting platform (CMAP) needs, Persefoni and Deloitte's shared clients can now use Persefoni's software platform as well as Deloitte's deep understanding of environment, social and governance (ESG) practices and financial analytics to help address their sustainability and climate goals. As part of this collaboration, Deloitte has developed and integrated accelerators, analytics tools, and capabilities to help clients in the financial services industry understand risks and value-creation opportunities based on financed emissions portfolio data.
Why this matters
Financial organizations play a critical role in facilitating the Paris Agreement-aligned decarbonization journeys of their customers in addition to their own operations. With 40% of global banking assets committed to net-zero by 2050 under the Net Zero Banking Alliance and mounting pressure from governments, regulators and capital markets, banks of all sizes are moving towards disclosure of their operational and financed emissions footprint. As banks and insurers work to meet their net-zero goals and better mitigate their climate exposure, developing robust CMAP use will be critical, especially as ESG disclosures become further codified and regulated.
"Persefoni is excited to formalize our alliance with Deloitte, a global leader in sustainability, climate and equity strategy and transformation, and trusted advisor to many of the world's largest companies and financial institutions, Enabled by Persefoni's best-in-class technology platform and Deloitte's leading sustainability, digital transformation, risk, advisory, and reporting services, our shared clients in the banking and insurance sectors will have access to the best possible support on their climate journeys — from meeting compliance requirements to analyzing climate exposure within their portfolios and optimizing business strategies."
-Kentaro Kawamori, CEO and co-founder of Persefoni
Our banking and insurance clients know that carbon accounting can't be improvised, Leveraging the rich data in Persefoni's platform alongside Deloitte's related analytics and services, we can help organizations through their end-to-end ESG transformation. As banks and insurance organizations look to address carbon accounting requirements by understanding and evolving the financed emissions in their portfolios, our shared clients will be able to chart those financed emissions, analyze critical business risks, identify opportunities to enhance the composition of their financed portfolio, and prepare to meet their disclosure and reporting obligations,said Ricardo Martinez, Deloitte Risk & Financial Advisory's sustainability, climate and equity practice leader for financial services and principal, Deloitte & Touche LLP.
Connor Taylor, industry analyst at Verdantix, a leading research and advisory firm, said, We find that corporate decision-makers need purpose-built tools that enable them to measure and report on their carbon emissions. The alliance between Persefoni's carbon accounting and management platform and Deloitte's accelerators and data analytics capabilities can help companies address common issues such as information irregularity, lack of data, and regulatory complexity that have historically impeded accurate environmental footprint assessments.
Persefoni's Climate Management & Accounting Platform (CMAP) provides businesses, financial institutions, and governmental agencies the software fabric for managing their organization's climate related data and performance with the same level of confidence as their financial reporting systems. The company's software solutions enable users to calculate their carbon footprint, perform climate trajectory modeling aligned to temperature rise scenarios set forth by the Paris agreement, and benchmark their impact by region, sector, or peer groups. Persefoni was designed to enable enterprises and financial institutions to calculate their Scope 1, 2, and 3 emissions in accordance with the GHG Protocol and the Partnership for Carbon Accounting Financials (PCAF), and was an early pioneer in enabling financial institutions and asset managers to calculate Scope 3, Category 15 (financed emissions).
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500® and more than 7,000 private companies. Our people come together for the greater good and work across the industry sectors that drive and shape today's marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthier society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Building on more than 175 years of service, our network of member firms spans more than 150 countries and territories. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting.
FISPAN | November 18, 2022
BMO and FISPAN have partnered to offer BMO Online Banking for Business clients direct access to their day-to-day banking from their Enterprise Resource Planning (ERP) or accounting system.
By integrating payments, reporting and reconciliation with these systems, clients now have a simpler, more efficient way to perform and manage their business transactions.
Without leaving their ERP system, BMO's business clients will be able to:
View real-time account and balance information
Send wire and other domestic electronic payments
Automatically reconcile their transactions
"We recognize that our clients have competing demands and as their banking partner, we're focused on helping them make progress by delivering seamless and simple solutions, This partnership aligns perfectly with our commitment to deliver leading digital experiences to our customers giving them more time to focus on what matters most – growing their business."
-Sean Ellery, Head, Digital and Innovation, Commercial Banking, BMO
This partnership represents BMO's continued investment in leveraging the power of Open Banking to tailor their services to fit the varying needs of its Commercial Banking clients:
BMO recently announced a partnership with Xero allowing business clients to connect and manage their Online Banking and Xero accounts
BMO's Developer Portal makes banking APIs available to clients who want to build custom integrations between their business systems and BMO accounts
We are thrilled to be working with BMO on these integrations, We share BMO's emphasis on innovation and a better business banking experience for their clients making this partnership a perfect fit,says Lisa Shields, CEO, FISPAN.
FISPAN's open architecture simplifies and expedites direct integration into ERP systems, This partnership is another example of BMO securing industry-leading partnerships with providers that help us to meet our client's growing needs,said Gurreet Sidhu, CIO, Treasury and Payment Solutions, BMO.
BMO is paving the way as a digitally enabled, future-ready bank harnessing the potential of emerging technologies for real-time information and processing. As the industry moves towards Open Banking, BMO is supporting customers by creating a robust API infrastructure, underpinned by security, to enable safe and secure financial decisions.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $1.07 trillion as of July 31, 2022, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
FISPAN is the market leader in ERP-banking. Our turn-key platform makes it simple for banks to offer business banking services embedded in their clients' business application. FISPAN powers best-in-class commercial banking experiences by removing friction and adding value to how the bank's clients operate their business. Founded in 2016, FISPAN is headquartered in Vancouver, BC and led by CEO and founder, Lisa Shields.