Aussie fintech closes $252 million funding round

Airwallex | April 22, 2020

Airwallex has raised a series D round of US$160 million ($252 million) from ANZi Ventures and Salesforce Ventures, along with existing investors DST Global, Tencent, Sequoia Capital China, Hillhouse Capital and Horizons Ventures.
“The global shift to digital is imminent,” said Jack Zhang, CEO and co-founder of Airwallex.
“We envision a world in the not-too-distant future where all businesses will operate and conduct their affairs online – including banking – with the help of modern tools.”
Airwallex plans on expanding into new markets, including the Middle East, while accelerating growth through customer acquisition in Europe and the US. It is also exploring acquisitions in the payments space to fast track its offerings.
“The commitment and confidence from both new and existing investors in this round [are] a strong validation of our successes and our strategic vision,” Mr Zhang said.
“With their support, we look forward to accelerating our growth and further empowering businesses across the globe.”

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PAYMENTS

Mollie partners with Chargebee to deliver effortless subscription payments

Mollie | January 28, 2022

Mollie, one of the fastest growing payment service providers in Europe, today announced its partnership with subscription management platform Chargebee to help drive growth for its customers. The integration with Chargebee simplifies subscription billing for merchants, providing an easy-to-install, out-of-the-box subscription management platform that offers all leading European payment methods, including iDEAL, SEPA Direct Debit, and credit cards. It also offers local, multilingual support – vital to Mollie's customers operating throughout Europe. We want to make payments effortless for everyone, so we're thrilled to partner with Chargebee to provide the best-in-class subscription management and billing capabilities to empower businesses to grow. Together, our seamless integration will offer entrepreneurs the tools they need to easily start and scale up their subscription-based businesses. We're looking forward to working with Chargebee to drive growth for our customers." Shane Happach, CEO at Mollie Consumer behavior is changing quickly, with online purchases and subscription payments witnessing continuous growth in the past few years. For many start-ups and small businesses, the subscription-billing process allows them to scale rapidly, opening up new revenue streams. It also empowers businesses of all sizes to optimise their growth potential through recurring payments rather than one-time sales, increasing customer loyalty. "We are excited to team up with a leading payment service provider like Mollie to offer an all-in-one subscription management and billing solution to manage payments, service and support on a global scale," said Eric Chan, Head of Global Partnerships at Chargebee. "The integration empowers our merchants to accept leading European payment methods to drive sales and grow their subscription business in multiple geographies." Chargebee's new integration with Mollie provides an advanced subscriptions solution for Mollie's customers and helps to solve EU-VAT tax and invoicing compliance automation for EU-based subscription businesses. The partnership will drive growth for Mollie's SME customers, allowing them to focus more of their resources on product development, shortening their time to market. It will also help SMEs to scale up with metrics available for how they run, invest in, and value their business as it grows. "Right now, what both consumers and merchants value most are speed and flexibility. By partnering with Mollie, we are excited to offer customers the ability to get started almost instantly and to grow and scale across borders and product lines," added Krish Subramanian, CEO of Chargebee. About Chargebee Chargebee is the subscription management platform that automates revenue operations of over 4,000 subscription-based businesses from startups to enterprises. The SaaS platform helps subscription businesses across verticals, including SeaS, eCommerce, e-learning, IoT, Publications, and more, manage and grow revenue by automating subscription, billing, invoicing, payments, and revenue recognition operations and provides key metrics, reports, and business insights. Founded in 2011, Chargebee counts businesses, like Okta, Freshworks, Calendly, and Study.com amongst its global customer base. Learn more about Chargebee at www.chargebee.com. About Mollie Mollie is a pioneer in the payments industry and one of Europe's fastest-growing payment service providers (PSP). Founded in 2004, the firm facilitates companies of all sizes to scale and grow with an easy-to-use payments API that offers multiple payment methods. Mollie's mission is to simplify complex financial services to become the world's most loved PSP.

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BLOCKCHAIN

ixFintech Group Limited Announces Launch of ixWallet 2.0 and Plans to Launch New Asset-backed TeaCoin

ixFintech | December 22, 2021

IX Fintech Group Limited (ixFintech) is honoured to announce the successful integration of privacy identity authentication and post quantum computing security into ixWallet to safeguard users' identity against cybersecurity risk. In Q1 2022, the company also aims to launch ixPoint, the company's first-ever reward point scheme, as well as the first asset-backed TeaCoin. The new version of ixWallet comes with two new indexes: ixBitcoin and ixEthereum. These indexes in combination with ixCrypto Index facilitate easy comparison of the performance of the whole Crypto market versus the performance of Bitcoin and Ethereum. ixWallet 2.0 offers more efficient and flexible KYC (Know Your Customer) processes depending on the users’ needs and usage. “The ixWallet 2.0 marks a momentous milestone in our development journey to provide enhanced protection for our customers’ valuable digital assets. In addition to serving users who want anonymity while satisfying regulators’ requirements on KYC and security, ixWallet 2.0 allows users to choose whether they want to conduct full KYC for regulated activities through its settings,” said Irene Wong, the founder and CEO of ixFintech. This launching event also records a successful collaboration with Polydigi Tech Ltd for its pending patent on the world’s first Anti-Authorised Push Payment (Anti-App) scams and phishing Digital ID authentication s-Factr™ solution and IronCAP, a code-based cryptographic technology by 01 Communique Laboratory Inc as announced in Q2 2021. These technologies are likely to make ixWallet 2.0 the safest digital wallet in the world. The company is also excited to announce the successful completion of the Proof-Of-Concept Project (PoC Project) on the world’s first audited Tea Cake Tokenisation. The Financial Services and the Treasury Bureau (FSTB) launched the Fintech Proof-of-Concept Subsidy Scheme (the “PoC Scheme”) aiming to encourage traditional financial institutions (the “FIs”) to partner up with Fintech companies to conduct the PoC Project on innovative financial service products. An asset-backed token is a digital token based on blockchain technology that derives its value based on the underlying asset. Coin holders may benefit from the liquidity and price performance of the token in the secondary market. The TeaCoin was designed with the traditional tea cake in mind and is available on ixWallet 2.0 for users to understand asset tokenisation. In the future, investors can store TeaCoins on ixWallet and this will allow them to safeguard their assets until they need to transfer such assets to another party or use them to redeem a real physical tea cake from the tea company. About IX Fintech IX Fintech Group is a Hong Kong based digital assets award winning company, including HK FinTech Awards, HK FinTech Impetus Awards, IFTA Awards and TADS Awards. The company’s mission is to bridge the traditional finance and new digital finance in a secured and compliant way. In the past 3 years, the Group won awards in different areas including cross boarder payment solution, blockchain technology, wealth management and trading platform etc. IX Fintech Group created a DEFI machine, DAEM (Digital Asset Exchange Machine) and ixWallet both installed with post quantum computing security, and the Bitcoin Lei see, all world’s first in the market. The whole system is truly decentralized, to provide users an “instant trading- instant settled” into clients’ unique wallet new and better experience, eliminating all middle parties default risk. ixWallet 2.0 newly released is a truly distributed ledger wallet that enables users to manage not only cryptos but other kinds of digital assets. Transactions are transparent and can be checked from public proven websites. ixWallet2.0 is protected from phishing. It is equipped with the next generation OTP solution. IX Asia Indexes Company Limited (“IX Asia Indexes”) is a wholly owned subsidiary of the IX Fintech Group. Aiming to become one of the leading index compilers in Asia, its services in the areas of both real and digital assets cover index consultancy, index design, index calculation and dissemination, and index education. It is missioned to bring transparency and standardization to the digital asset and tokenisation world through building an investment-grade and rules-based benchmarks. IX Asia Indexes launched the award winning ixCrypto Index (IXCI) in 2018, followed by two new Indexes ixBitcoin (IXBI) and ixEthereum (IXEI) Index to complete the ixCrypto Index Series in early 2021. They are currently available in 85 countries via Nasdaq and IX Asia Indexes Company data feed to Bloomberg, Reuters, banks institutions and information vendors. Real time index is disseminated every 15 second interval from Hong Kong Time 9 a.m. to 9 p.m.. An index advisory committee with representation from different industries to ensure the professionality and impartiality of the index methodologies and operations. About Polydigi Tech Following an invitation from the United Kingdom Department of International Trade, Polydigi Tech established its Headquarter in Edinburgh, Scotland in 2019. Polydigi Tech is an innovative cybersecurity company that specialises in cutting-edge identity verification technologies. To counter the ever-growing risk of cyber-threats, Polydigi Tech has developed various patented and patent-pending innovative solutions including mobile phone based multi-factor authentication, biometric authentication, and hardware protection for IoT devices and networks. About 01 Communique Established in 1992, 01 Communique (TSX-V: ONE; OTCQB: OONEF) has always been at the forefront of technology. The Company’s cyber security business unit focuses on post-quantum cybersecurity with the development of its IronCAP™ technology. IronCAP™’s patent-pending cryptographic system is an advanced Goppa code-based post-quantum cryptographic technology that can be implemented on classical computer systems as we know them today while at the same time can also safeguard against attacks in the future post-quantum world of computing. The Company’s remote access business unit provides its customers with a suite of secure remote access services and products under its I’m InTouch and I’m OnCall product offerings.

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FUNDING

FinLync Secures $16M to Support Global Expansion

FinLync | May 10, 2021

FinLync, a privately held, global fintech company transforming corporate finance and treasury offices through its world-class products, today announced that it has closed on a $16M equity funding round. Point72 Ventures led the financing and included investments from Nyca Partners, former CFO of Palantir and Founding Partner of Friends & Family Capital Colin Anderson, and Plaid Founder William Hockey. FinLync brings speed, simplicity and greater transparency and control to finance and treasury professionals globally. Through its world-class products, they provide them the infrastructure to unlock more value from their day-to-day operations. This latest funding will support the company’s continued growth, including investment in its technology and expanding the firm’s global reach and executive leadership team. By leveraging bank APIs and embedding the technology within the client’s ERP, FinLync enables corporate finance and treasury departments to have greater control and visibility over their data than legacy treasury management systems provide, while benefiting from financial institution-grade security. Equipped with FinLync’s applications, treasurers and finance professionals are now able to experience real-time payment processing, machine learning-assisted forecasting and reconciliation, all on a user intuitive platform. Leading companies, including Citrix, have chosen FinLync’s technology to integrate their bank and ERP data in real time, resulting in richer insights and more actionable data to their corporate treasury functions. FinLync’s global bank partners include J.P. Morgan and Standard Chartered, among other leading banks. “The corporate treasury function has evolved into an increasingly strategic role. FinLync is accelerating that change with its unique solution for CFOs and treasurers around the world, and think they have an opportunity to transform this area of financial services,” said Tripp Shriner, Partner at Point72 Ventures. “We are confident in the experience and industry knowledge FinLync’s executive team brings to the table and believe in their vision. We believe FinLync is uniquely positioned to make a significant impact on this area of open banking and corporate treasury and we are encouraged by the clients and partners it has secured. We look forward to supporting the business as it continues to expand globally.” While the wave of digital transformation has modernized many areas of financial services and accelerated the use of APIs, corporate treasuries have been largely left behind, still relying on static, disparate and legacy technology. In response, FinLync has created a modern solution that delivers the critical information treasury departments need to maximize cash and make better, faster decisions. Bringing the ease and sleek design of consumer banking technology to corporate treasury, FinLync provides today’s treasurers with real-time data in a simple, customizable dashboard. With FinLync, users have a single, integrated view into all of the information they need—with a reduced risk of breaches and fraud. This innovation makes the ERP the single source of truth for an entire enterprise. “FinLync’s innovative model addresses the pain points treasurers have to deal with on a daily basis,” said Hans Morris, Managing Partner at Nyca Partners. “Phillip and Peter have built a strong team with backgrounds in corporate treasury, payments and technology to create and deliver an elegant solution that will save companies money.” “We are at a critical point of growth for our firm. We’ve secured an extensive list of global bank partners and this investment will help us continue our goal of bringing open banking into corporate treasury,” said Phillip Klein, co-founder and CEO of FinLync. “With the right tools, treasurers and their teams are change leaders within their organizations. These individuals need access to real-time treasury data to manage their complex finance needs. With FinLync, corporate finance departments can become forward-thinkers and optimize cash, make better and faster decisions, all while saving time and resources. We believe that our solution is going to transform the treasury function of every global company and we are excited to have secured this growth investment to support our vision.” About FinLync FinLync is a privately held, global fintech company transforming the insights and functionality of corporate finance and treasury offices through its world-class products. FinLync’s ERP native apps and API connectivity empowers treasurers to optimize cash, make better, faster decisions, save time and reduce the resources needed to manage complex finance needs. FinLync’s largest clients include Fortune 500 and Fortune 2000 companies. The firm has employees from 18 different countries and offices in Singapore, Los Angeles, New York, and Paris. About Point72 Point72 Ventures is a global venture capital strategy led by a diverse set of domain experts with the capital and mandate to lead rounds through all stages of a company's growth, from idea to IPO. The team invests in founders with bold ideas who use the latest technologies to drive transformational change across industries. Point72 Ventures offers entrepreneurs access to expertise and insights, executive and technical talent, and hands-on support. With offices in the U.S. and Europe, Point72 Ventures is an affiliate of Point72, the global asset manager founded by Steven A. Cohen.

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FINANCIAL MANAGEMENT

Global Business Spend Indicator, New Survey By American Express, Shows U.S. Businesses Have Bullish Outlook on B2B Spending

American Express | June 01, 2021

Survey indicates that U.S. spending is on the rise across nine key business-to-business (B2B) categories. U.S. survey respondents cited that raw or processed materials, such as lumber, metals, and chemicals, are outpacing all other B2B spending categories. Automation is anticipated to be the fastest-growing area in technology spending, with nearly half of U.S. survey respondents planning to automate or further automate their B2B payments over the next year1. Flexibility is key for the U.S. businesses surveyed, which are adapting their supply chains due to pandemic challenges. New York, June 1, 2021 – American Express today launched the Global Business Spend Indicator (GBSI), a new survey of global businesses conducted with the Centre for Business and Economic Research (CEBR)². The survey reveals U.S. businesses are the most bullish and optimistic when it comes to B2B spending among the six countries covered in the survey, with 76% of U.S. businesses expressing optimism about their prospects over the next 12 months. Respondents predicted that B2B spending in the U.S. will be an average of 3.4% higher in the second quarter compared to the same period last year. Applying that projection from the survey respondents to broader U.S. macroeconomic data would equate to an estimated $140 billion in additional B2B spending from U.S. businesses³. “B2B spending is an important bellwether for the overall health of the economy, and the GBSI study shows U.S. businesses are investing and spending more, whether to adopt to the new ways of operating during the pandemic, or to digitize and streamline their operations,” said Dean Henry, EVP, Global Commercial Services at American Express. “It also reveals that some of the trends that have emerged or accelerated during the pandemic, such as payments automation and new approaches to managing the supply chain, are likely here to stay.” CEBR estimates that the value of B2B expenditures each year amounts to nearly half (48%) of gross output (the total value of sales or receipts) in the U.S. economy. This means that for each dollar spent in the U.S. economy, approximately 48 cents are B2B transactions. The GBSI is designed to explore the importance of business spending in both the global and local economies based on a survey of more than 3,600 businesses of all sizes and across industries in the UK, Australia, Canada, Japan, Mexico, and the U.S. For this report, B2B spend is classified as goods and services that a business purchases from another business to keep their business running. The survey looked at nine B2B spending categories, and three additional categories of taxes, people / workforce, and travel, entertainment and expenses, for a robust look at the dynamics and impact of overall business spending. Raw or Processed Materials Top B2B Spend Categories U.S. businesses surveyed reported that they have increased their overall B2B spending across all the core categories since the start of the year. The highest growth rates were in spending on raw or processed materials such as lumber, metals, and chemicals, which rose by an average of 6.2% between Q1 2020 and Q1 2021, according to survey respondents. This would equate to an estimated $37 billion in additional spend when applied to U.S. macroeconomic data, most likely due to rising prices of raw materials after the onset of the pandemic. This trend is expected to continue, with the U.S. businesses surveyed anticipating another 6.4% rise in spending in this category from Q2 2021 over the prior quarter. U.S. Businesses Lead in Payments Automation, with Plans to Continue Investing in the Year Ahead Within the technology spending category, automation is the fastest anticipated growth area among the U.S. businesses surveyed. While many businesses have already been digitizing their B2B payments over the past few years, the pandemic helped accelerate this trend more broadly. The GBSI found that, of the six surveyed countries, U.S. businesses have the highest level of automation across most business functions, including with purchasing / procurement, payroll, paying suppliers, supplier analysis, and syncing payments to the existing ledger. In fact, nearly half of U.S. businesses surveyed said they are mostly or fully automating the making (48%) and receiving (51%) of payments from business customers. In addition, there is more opportunity ahead as nearly half (46%) plan to automate or further automate each of these functions over the next 12 months. With more automation, U.S. businesses may vastly reduce their reliance on manual payment methods – like writing and sending physical checks – which are still prevalent, with 33% of U.S. business spend currently using physical payment methods, according to the businesses surveyed. On the whole, technology spending by U.S. businesses surveyed rose by an average of 4.1% between Q1 2020 and Q1 2021, equating to an estimated $25 billion in additional spend when applied to U.S. macroeconomic data, likely driven by the rapid digitization of businesses such as e-commerce capabilities or website enhancements. Nearly a quarter (22%) of U.S. businesses surveyed list increasing their online presence among their top three goals and 39% expect to expand their use of virtual cards over the next 12 months. U.S. Businesses Prioritize Streamlined and Flexible Supply Chain Relationships For many businesses, the experiences during the pandemic highlighted ways to streamline and seek more flexible ways to manage their supply chains and operating practices. Over the last 12 months, 23% of U.S. businesses surveyed took steps to simplify their network of suppliers, 23% reduced or avoided long-term commitments to purchase from specific suppliers, and 22% chose suppliers with more flexible payment terms. Looking Ahead Over the next 12 months, U.S. businesses in the survey cite increasing profitability (34%), securing new business or bringing on new customers (32%), and remaining competitive (31%) as being among their three most important goals. CONTACTS: AMERICAN EXPRESS Melissa Filipek melissa.j.filipek@aexp.com Felicia Macdonald felicia.m.macdonald@aexp.com

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Spotlight

When it comes to purchasing Life Insurance, the first question that often comes to our mind is how much Life Cover do I need? Calculating the right amount of Life Cover needs to factor in many variables like cost of living, loans & expenditures. Watch the video to understand how you can calculate the right amount of Life Cover.

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