Payments, Trading Systems
GlobeNewswire | August 31, 2023
Canadian fintech company Nuvei (Nasdaq: NVEI) (TSX: NVEI) and Mastercard today announced that they will enable near instantaneous payout capabilities for online trading platforms and investors in the Asia Pacific region via Mastercard Send™. Already available to Nuvei customers in Singapore, the Send™ service – which powers rapid payments for merchants, acquirers, governments, consumers and more, wherever they interact worldwide – will also be available in Australia and Hong Kong SAR, starting later this year. Nuvei customers will then be able to process payouts, including business to consumer disbursements, and funding transactions between over 1.5 billion debit, credit, and prepaid Mastercard cards.
In the Asia Pacific region, the increasing prevalence of remote working, triggered by the pandemic, has encouraged the parallel growth in the number of new online retail investors, especially younger, first-time users of online trading platforms. According to a recent report by Fortune Business Insights, the global online trading platform market is projected to grow from USD9.94 billion in 2023 to USD15.34 billion by 2030. This trend is driven in part by technological advancements and the integration of trading platforms on smartphones, with Asia Pacific being one of the fastest-growing regions.
One business in Singapore that is already utilizing Mastercard Send™ to offer an enhanced payout experience to its customers is trading platform Plus500. With this new service, online traders will enjoy a simpler and more convenient method of cashing out their investments, backed by Mastercard’s best-in-class fraud protection. Whenever they wish to cash out, users only need to input their card details and make a request via Mastercard Send™. This option is easily located in the platform cashier, and funds are immediately accessible.
“Trading platforms rely on fast, secure deposits and payouts to optimize user experience. Partnering with Mastercard Send™ enables us to offer our partners another trusted, instant payout method that will win new traders and generate revenue growth,” said Nuvei Chair and CEO Philip Fayer.
“In today’s always-on world, faster payments are the foundation for accelerated growth,” said Sandeep Malhotra, Executive Vice President, products & innovation, Asia Pacific, Mastercard. “Given the boom in online trading in the Asia Pacific region, Mastercard Send™ presents Nuvei’s customers with the opportunity to improve the payments experience for their users while standing to grow their own revenues – a win-win. Meeting consumers’ expectations for greater speed, wider choice, and tighter security in their payments is no longer negotiable.”
“In an unpredictable trading environment where price fluctuations happen in seconds, Mastercard Send™ provides online traders with the peace of mind that that they can cash-out instantly, at the click of a button. With easy, fuss-free access to their money, investors can make quick decisions and enjoy full visibility over the real-time availability of their funds,” said Alon Cohen Naznin, COO, Plus500.
About Nuvei
Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 47+ markets, 150 currencies and 634 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration. For more information, visit www.nuvei.com.
About Mastercard
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.
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Investment Management, Fintech
PR Newswire | August 16, 2023
LoanPro, the market-leading modern lending platform, today announced its strategic minority equity investment in TrueNorth, a leading global financial technology services company. This momentous step further solidifies the strong partnership between the two companies, driving innovation and delivering enhanced value to their customers in the financial services industry.
A recent survey by The Financial Brand revealed that 75% of financial institutions plan to increase their innovation spending over the next year. Recognizing the pressing need for adaptable solutions in the finance sector, LoanPro's strategic investment in TrueNorth represents a proactive response to this industrywide trend. By embracing a forward-thinking approach and leveraging TrueNorth's expertise, LoanPro aims to accelerate innovation, providing current and future customers with groundbreaking financial products and services.
"With LoanPro's commitment to customer delight, we're focused on driving innovation across financial services through our modern lending platform. Our investment in TrueNorth solidifies our ability to quickly launch new products that drive innovation for current and future customers," says LoanPro Co-Founder and CEO, Rhett Roberts.
TrueNorth, renowned for its track record in building successful financial services solutions, brings unparalleled expertise to the partnership. Having pioneered digital banking solutions and executed over 120 digital transformations, TrueNorth is well-positioned to steer this joint initiative towards transformative achievements in the financial services sector.
"We are excited to strengthen our ties with LoanPro and work towards a shared vision of growth and innovation," stated Alex Gonikman, CEO of TrueNorth. "Through LoanPro's best-in-class lending platform, we look forward to enriching the experiences of our current customers and contributing to the advancement of LoanPro's existing customer base."
About LoanPro
LoanPro is the market-leading modern lending platform enabling lenders to innovate quicker, driving loan volume while optimizing operational efficiency. Today, 600+ lenders use LoanPro to holistically uplevel their borrower, agent, and back-office experiences. LoanPro's mission of providing the platform to innovate the future of finance is currently enabled through its composable architecture, allowing lenders to enhance their origination, servicing, payments and collections, and borrower CRM using the foundation of a modern lending core.
About TrueNorth
TrueNorth.co is one of the largest and most successful financial technology services companies in the world having built three fintech unicorns from scratch–Upgrade, LendingClub, and Dianrong. The company specializes in enabling digital banking solutions, having built 45 original enterprises, 120 digital transformations and 40 product revamps. TrueNorth's unique Team Captain client-focused approach enables its most senior engineers to navigate and apply the latest technologies to develop and integrate cutting-edge digital solutions for the financial services industry. TrueNorth is headquartered in New York City, with development centers across the globe, and strategic offices across the U.S.
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Core Banking, Digital Banking
Businesswire | July 04, 2023
Mbanq, the USA-based fintech innovator and global Banking-as-a-Service (BaaS) provider, has announced that Cheqly, a fintech that makes banking simple for startups, has launched utilizing Mbanq’s BaaS platform. With this partnership, Cheqly provides its customers with an improved banking experience that is specifically focused on the needs of small and medium-sized enterprises (SMEs) and startups.
Cheqly provides easy-to-use and more accessible bank accounts and cards for entrepreneurs and business owners across the United States. Cheqly was inspired by the deficiency in the market for providing accounts and financial services to small to medium-sized businesses at the grassroots level. As a result of collaborating with Mbanq, Cheqly has successfully developed and launched a highly focused solution.
“At Cheqly, our end goal is to provide the best possible banking experience for the startup community. We are supported by Eqvista - a captable and valuation platform which has $36 billion in assets under administration," said Tomar Milar, CEO of Cheqly. “The quality of Mbanq’s Banking-as-a-Service platform, together with a user-centric approach, means Cheqly can provide tailored and bespoke products at a low cost for businesses and SMEs. On top of this, we have already built a wonderful level of personal connection with our clients, which will help newcomers overcome trust issues.”
“SMEs offer vast potential as a customer segment. Cheqly’s innovative service model, enabled by Mbanq’s technology and as-a-service portfolio, allows Cheqly to reduce cost-to-serve and deliver tailored customer services to businesses,” said Vlad Lounegov, CEO of Mbanq. “Cheqly’s goal is to build a more comprehensive digital banking experience for clients and Mbanq’s BaaS technology and services team are there to help every step of the way.”
Mbanq's BaaS platform is a digital and fully regulatory compliant solution that enables traditional banks, challenger banks, and fintech companies to roll out their business scenario in a compliant and fast way. The platform supports the full scope of financial services and offers a unified database with quick time-to-market. Its modular architecture allows for full API connectivity, making it a flexible and efficient solution for businesses looking to enhance their financial services.
Cheqly’s platform is already live, but development will not stop there. Its vision is to give entrepreneurs time to focus on their business by providing a digital ‘beyond-banking’ platform that will handle payments, provide business analytics using AI, and plug in additional customer services.
About Mbanq
USA-based Mbanq is a world-leading Banking-as-a-Service (BaaS) and Credit Union-as-a-Service (CUaaS) provider and technology innovator. It provides a comprehensive ‘as-a-service' portfolio, including compliance, lending, back-office, disputes and complaints, as well as customer-facing digital banking apps. www.mbanq.com
About Cheqly
Cheqly, a financial technology company, is specifically designed by founders for founders. It specializes in opening business accounts for businesses. Cheqly provides virtual and physical debit cards, as well as domestic and international wire transfer services. It collaborates with Financial Institutions for banking services. With same-day business account opening, Cheqly ensures a quick and efficient process for entrepreneurs and businesses. www.cheqly.com
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