PAYMENTS, FINTECH
Nuvei and Paya | January 16, 2023
Nuvei Corporation, a Canadian fintech company, and Paya Holdings Inc., a leading U.S. provider of integrated payment and commerce solutions, have entered into a definitive agreement to acquire Paya at USD 9.75 per share for approximately $1.3 billion in cash.
Philip Fayer, Nuvei's Chair and Chief Executive Officer, said, "The proposed acquisition of Paya is a powerful next step in the evolution of Nuvei, creating a preeminent payment technology provider with strong positions in global eCommerce, Integrated Payments and business-to-business (B2B)." He further stated, "The proposed transaction will combine two people-first, technology-led, high-growth payment platforms. It will accelerate our integrated payment strategy, diversify our business into key high-growth, non-cyclical verticals with large addressable end markets and enhance the execution of our growth plan."
(Source- Globe Newswire)
The strategic rationale and benefits of the transaction are as follows:
It improves Nuvei's capability to capitalize on high-growth integrated payment opportunities
Expands Nuvei's business over non-cyclical, high-growth, underpenetrated end markets with substantial estimated TAMs.
Increases Nuvei's reach into the booming B2B market
Develops Nuvei's growth plan
Strengthens Nuvei's strong financial profile
Nuvei's purchase of Paya is expected to close by the end of the first quarter of 2023. The purchase price is 25% above the closing price on January 6, 2023. The company will finance the transaction using cash, existing credit facilities along with a $600 million first-lien-secured credit facility.
The list of advisors includes Barclays Capital Inc., BMO Capital Markets, RBC Capital Markets, and Evercore Group LLC.
About Nuvei
Nuvei, a Canadian fintech company, accelerates global clients' businesses. It is the payment technology partner that delivers unified commerce solutions and expertise to its clients and helps them capture every payment opportunity that comes their way. Leading organizations can take next-gen payments, offer all payout choices, and use card issuing, banking, risk, and fraud management services with Nuvei's modular, adaptable, and scalable platform. The company connects businesses to customers in over 200 markets through local acquisition in 47 markets, 150 currencies, and 586 payment methods.
About Paya
Paya is a primary provider of integrated payment and frictionless commerce solutions that help clients accept and process payments, receive money faster, and improve operations. The company is the top U.S. payment processor that processes about $40 billion in credit/debit card, ACH, and checks payments annually. It serves over 100,000 customers through 2,000 major distribution partners in high-growth verticals like healthcare, education, non-profit, government, utilities, and other B2B end markets.
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PAYMENTS, FINTECH
SUNRATE | January 17, 2023
SUNRATE, a leading global fintech firm, announced today that it has successfully integrated Mastercard Cross-Border Services into its intelligent global payment and treasury management platform thereby, enhancing its customers' worldwide cross-border payment capabilities.
Mastercard Cross-Border Services integration is the latest expansion of the two firms' ongoing global partnership. In 2020, SUNRATE secured the Mastercard principal membership, providing the company with direct access to Mastercard's leading global payments network and resources.
Mastercard Cross-Border Services facilitates businesses to send and receive money safely and confidently through a single, secure point of access. SUNRATE's successful integration implies that its clients can send money to five designated Asian nations, including the Philippines, Thailand, Malaysia, Vietnam, and China.
SUNRATE Head of Product, Qincheng Wang, stated, "We have a vision for SUNRATE to be the go-to B2B payment and treasury management platform, especially for emerging markets. As such, the flexibility brought about by Mastercard Cross-Border Services, such as the capability to make cross-border payments to the most popular and emerging markets worldwide is something that our customers are very excited about. Our collaboration with Mastercard will allow our customers to focus on what is more important in their scaling journey, such as localization efforts and potentially establishing new revenue streams for their businesses."
(Source – PR Newswire)
"Mastercard is pleased to further its collaboration with SUNRATE via its Cross Border Services solution, enriching SUNRATE's remittance service in a faster, safer, more transparent and cost-effective way. Mastercard Cross Border Services reaches over 100 markets and 90% of the world's population and this partnership will continue to expand in hopes of enhancing the cross-border service for businesses," said Helena Chen, Managing Director, Hong Kong and Macau, Mastercard.
(Source – PR Newswire)
About SUNRATE
Founded in 2016, SUNRATE is a global payment and treasury management platform for enterprises worldwide. It has been recognized as a leading solutions provider, enabling companies in over 130 countries to accelerate local as well as global growth through its cutting-edge proprietary platform, broad global network, and robust APIs. Headquartered in Singapore and offices in Indonesia, the United Kingdom, Japan, and China, SUNRATE collaborates with the world's leading financial institutions, including Standard Chartered, Citibank, and Barclays, and is a Mastercard and Visa principal member.
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FINANCIAL MANAGEMENT, INVESTMENTS
Baker Hill and Alloy | March 01, 2023
On February 28, 2023, Baker Hill, one of the leading financial technology providers of loan origination, risk management, and analytics solutions, announced that it has partnered with Alloy, an identity decisioning platform, to assist financial institutions in digitally verifying more prospective borrowers and ensuring compliance throughout the loan origination process.
As a result of the collaboration, financial institutions utilizing Baker Hill NextGen® can take advantage of Alloy Onboarding's single-API identity decisioning platform, which integrates various data sources into individualized workflows throughout the account opening process. Hence, financial institutions can meet KYC as well as AML standards and verify borrowers rapidly and correctly with fewer manual reviews and less fraud. Baker Hill's banking clients have more options for fraud protection and identification solutions because of Alloy's integrations with more than 170 data sources used in the loan origination process. In addition, community banks no longer have to rely on code or expensive programming to make changes since Alloy makes adding new data sources or tweaking operations simple.
Mike Horrocks, Vice President of Product Management at Baker Hill, stated, "There's been nearly a 7 percent increase in lending fraud among small and midsize businesses since 2020 and according to a 2021 report by Aite-Novarica Group, only 31 percent of lending institutions had negligible rates of fraud incidence." He continued, "At the same time, many community banks and credit unions are focused on lending outside of their traditional markets to expand their reach, which can expose these institutions to added risk. By partnering with Alloy, Baker Hill helps minimize risk and time spent on manual reviews so financial institutions can generate loan growth with confidence, even in new markets."
(Source – Cision PR Newswire)
About Baker Hill
Baker Hill's business is to develop loan origination by combining technology and financial skills. NextGen® is a flexible, single-platform SaaS solution for commercial, small business, and consumer loan origination that controls risk from request to renewal. The organization was founded on decades of partnering with banks and credit unions to deliver critical resources to local communities.
About Alloy
Over 300 different businesses use Alloy's API-based platform because it allows them to connect to more than 160 different data sources, automate identity choices during account origination, and monitor these processes continuously. The company has enabled some of the most cutting-edge banks and fastest-growing fintech startups to expand and scale without increasing their exposure to fraud by connecting them with more qualified clients.
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