FINANCIAL MANAGEMENT, WEALTH MANAGEMENT
Docupace and Orion Portfolio Solutions | February 20, 2023
One of the leading cloud-based fintech digital operations software companies, Docupace, recently announced its selection by Orion Portfolio Solutions, a transformative technology provider to help advisors grow and thrive as investors. The company selected Docupace to automate workflows for its wealth management platform.
The wealth management industry has realized the importance of automating and streamlining processes. In the research conducted by Accenture, it was found that 93% of executives surveyed believed that by 2025, their operations would have increased by 50% thanks to optimized front-to-back process automation across internal and external partners.
The Docupace platform provides a standardization and data synchronization engine, intelligent routing, notifications and alerts, configurable digital operations, and pre-built, simplified workflows to streamline and easy to automate compliance and business process. It is an open architecture with a turnkey asset management program (TAMP) that manages $60 billion of wealth management platform assets, as mentioned by America's Best TAMPs in 2023. For eight consecutive years, Orion Portfolio Solutions was recognized as one of America's Best TAMPs.
David Knoch, Chief Executive Officer at Docupace, said, "Financial advisors and wealth management providers have worked so hard to deliver exceptional client experiences, that any hiccup in back-office execution impacts both their brand and their reputation." He also said, "It is an exciting opportunity for us to partner with another industry leader to delight financial advisors and their clients."
(Source: Cision PR Newswire)
Docupace is one of the top digital operations technology providers that streamlines firms' process for wealth management and digitizing data, increasing efficiency, productivity, and profits. The company's team offers a suite of digital solutions with a secure, cloud based Docupace Platform that helps RIAs, brokers, management, advisor transactions, Regulation BI, cybersecurity and other critical workflows. Based in Los Angeles, California, it serves enterprises from the financial service industry, including some of the leading companies with the combination of proven technology and hands-on service.
About Orion Portfolio Solutions
Orion is a leading provider of a technology-enabled wealth management process that transforms the advisor-client relationship by allowing financial advisors to Prospect, Invest, Plan, and Achieve in a single, connected, technology-driven experience. The company entities, Orion Portfolio Solutions, Orion Advisor Tech, Brinker Capital Investments, Redtail Technology, and TownSquare Capital, create a comprehensive offering that empowers firms to attract new clients without friction, connect goals to investment strategies and outcomes in a more meaningful way, and ultimately track progress towards each investor's unique definition of financial success.
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.
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.
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.
OppFi | February 08, 2023
On February 7, 2023, OppFi Inc., a purpose-driven fintech platform helping everyday Americans gain access to credit through digital specialty finance products, introduced a same-day funding service on its OppLoans lending platform, as well as the achievement of more than one million unique clients over its 10-year history.
Qualified customers whose applications are approved by 1:00 p.m. ET on a business day are eligible for funding on the same day in collaboration with banks powered by OppFi. Since the launch of this feature, around one-third of OppFi customers have obtained funds on the same day as their application approval.
OppFi's same-day funding service supports its financial health mission. The company offers financial education, borrower assistance, local resources, and payment deferral in case of hardship. In addition, OppFi maintains relationships with various social impact organizations that provide free services to customers as part of its mission to help them improve their finances.
The current relationships by OppFi include Steady, which provides tools and resources to customers so they can increase personal income; SpringFour, which offers over 20,000 verified nonprofit and government resources in 30 categories to help consumers meet financial goals, reduce expenses, and prevent payment delinquencies; Experian Boost®, a free, first-of-its-kind product that uses alternative data to improve FICO® Scores by including on-time utility, rent, telecom, and certain streaming service payments during scoring.
Through the OppFi platform, customers gain leading protections and features such as simple interest, no ancillary fees, installment loans with no balloon payments, reporting to the major credit bureaus, no prepayment penalties, and an exclusive loan referral initiative called OppFi TurnUp Program, which aids consumers in finding affordable credit options.
OppFi is a leading financial technology platform based in Chicago (Illinois). It offers safe, simple, and affordable credit access to the sixty million Americans who lack traditional options while reestablishing their financial health. The company's 100% digital platform enables banks to provide credit access to the average consumer. It has facilitated the issuance of over 2.5 million loans to date. The firm was recently acknowledged as one of Crain's 2022 Fast 50 and has over 3,600 reviews on Trustpilot with a resulting 4.6/5.0 star rating, making it one of the highest-rated online financial platforms among consumers.