CORE BANKING, FINTECH
Rapid Finance | December 20, 2022
Rapid Finance, a market leader in helping small businesses find sustainable and customized financing solutions through a fast and simple application process, has been named by Fintech Futures as a 2022 Banking Tech Award winner in the category of “COVID-19 Response by Technology Services & Software Providers” at the 23rd annual ceremony. The Banking Tech Awards recognize excellence and innovation in the use of IT in financial services worldwide, and the people who make it happen.
Rapid Finance was instrumental in the execution of the COVID-19 EIDL Programs, successfully supporting more than 21 million loan applications; nearly 2 million loan increases; 15 million grant applications; and processing more than 10 million loans and grants totaling nearly $400 billion. The Rapid Loan Origination System (LOS) accepted nearly 700,000 applications in the first 24 hours alone and by the end of the first week, had 4.5 million applications in queue. The first approved loans were funded just three weeks after Rapid Finance’s initial conversation with the SBA, and during the weeks that followed, peak processing reached 380,000 grant approvals and nearly 150,000 loan approvals per day (resulting in almost $8 billion in daily funding).
“The pandemic created a devastating disruption to small business operations across the world. We were proud to support the SBA and the COVID-19 Economic Injury Disaster Loan Program with the Rapid Loan Origination System, which delivered an unprecedented volume of financial assistance to millions of small businesses across every US state and territory, Winning this award recognizes our commitment to producing innovative financial technology to help small businesses secure the capital they need, even in the most challenging economic circumstances.”
-Will Tumulty, CEO of Rapid Finance
About Rapid Finance
Rapid Finance has a proven track record of helping small businesses (and those who support them) succeed and since 2005, has been offering fast, simple, and trusted financing options that provide small businesses with access to capital when they need it most. Using a thoughtful combination of technology, speed and deep industry expertise, Rapid Finance has helped millions of small business clients find financing plans that meet their unique business needs.
FINANCIAL MANAGEMENT, INVESTMENT MANAGEMENT
Aegis Trust | December 12, 2022
Aegis Trust, one of the leading digital asset qualified custodians in the U.S. offering client-centric technology infrastructure and regulatory compliant solutions, announced today its support of the Cosmos Network and its ecosystem by custodying the treasury assets of its protocols. With this news, the company is building on its existing relationship by working with a wide range of Cosmos' key protocols as the custodian for the respective assets, in addition to continuing its support of custody and staking.
Amidst increasing regulations across the fintech industry, crypto custody is gaining momentum and experiencing mainstream adoption, evidenced by the United States' oldest bank, The Bank of New York Mellon (BNY) launching its own crypto custody service. With the need for such solutions on the rise for blockchain ecosystems, Aegis Trust is furthering its support and commitment to Cosmos protocols through custody as well as delegated staking for assets including ATOM, BLD, SOMM, EVMOS, AXL, OSMO and NYM.
"As we continue to see distributed ledgers mature, custodians are going to take on a more prominent role in terms of ensuring trust for all stakeholders, Aegis provides the solution to help bridge the gap between traditional finance and digital asset management, and we are thrilled to continue to support one of the most exciting ecosystems in the space, Cosmos, through custody and staking. We will continue to strive to bring value and solidify our commitment to Cosmos."
-Serra Wei, CEO and Founder of Aegis Trust
Over the past few months, Aegis Trust has ramped up its partnerships with key industry players such as Coinbase Cloud, to deliver institutional-grade staking and custodying for Evmos and Avalanche. It also has announced its $25M insurance policy for NFTs through market-leading global specialty (re)insurer, Canopius, via Lloyd's of London.
About Aegis Trust
Aegis Trust is a licensed and insured digital and traditional asset custodian that provides institutional-grade, one-stop blockchain based custodial solutions. Aegis services clients all over the globe through Aegis Trust Company, a South Dakota trust charter in the US, as well as Aegis Custody, a trust company service provider in Hong Kong, ensuring commitment to its clients across any timezone. By leveraging its ecosystem infrastructure connectivity, Aegis offers leading-edge products and a wide range of digital asset custody and staking protocols. Led by an experienced executive team with digital native experts coupled with senior capital markets experience at blue-chip firms including Goldman Sachs and Deutsche Bank, Aegis Trust provides a bridge between traditional finance and digital asset management.
BITCOIN AND CRYPTO
Plug and Play | November 16, 2022
Global innovation platform, Plug and Play, together with founding partners Visa, AllianceBlock, The INX Digital Company, IGT, and Franklin Templeton, has announced the launch of their new Crypto and Digital Assets program in Silicon Valley. The program aims to connect international startups with the founding partners to pilot the startups' technologies and drive the future of Crypto and Digital Assets as world-class leaders.
"Plug and Play is excited to partner with Visa, AllianceBlock, The INX Digital Company, IGT, and Franklin Templeton to launch our new program and multiply our reach and impact in the crypto space. We look forward to accelerating enterprise-level adoption and bridging the gap between Web2 and Web3,"
- Maximillian Jungreis, Head of Crypto and Digital Assets at Plug and Play
At Visa, we believe partnerships can unlock a deeper understanding of the emerging use cases in the payments ecosystem, We're excited to partner with Plug and Play to innovate with fintech and crypto platforms at all stages of the startup lifecycle on new money movement experiences,said Dan Roesbery, Vice President, Global Fintech Partnerships at Visa.
Headquartered in Sunnyvale, Calif., Plug and Play connects startups and leading corporations worldwide through industry-specific accelerator programs. The founding partners of the Crypto and Digital Assets program will access a global network of startups developing new digital technologies and innovative tools. In addition to our partners' specific interests, Plug and Play's new Crypto and Digital Assets vertical will have four broader focus areas:
Stablecoin Adoption: Stablecoins — cryptocurrencies pegged to an underlying financial asset — have emerged as a leading crypto use-case by providing global access to the world's strongest fiat currencies. Businesses adopting stablecoins get all the benefits of crypto without the volatility: lower fees, secure transactions, and instant cross-border payments.
Decentralized Finance: By making units of value — stocks, bonds, real estate, currencies, etc. — interoperable, programmable, and composable on blockchains, capital markets will become more efficient and accessible to everyone on the planet.
Crypto Economics: Tokens create opportunities for innovation in capital formation and human coordination that extend beyond the digital world and into the physical. Crypto-economic systems are enhancing access to core commodities like file storage and decentralized wireless and the business benefits are significant.
Enterprise Blockchain: Enterprise blockchains are networks designed for large companies and organizations. They retain the core benefits of blockchains, such as efficiency and immutability, but tweak the underlying permissions to help businesses with data safety, faster transactions, and better supply chain management.
AllianceBlock is excited about our partnership with Plug and Play Crypto and Digital Assets. Our ecosystem benefits from their broad network of innovative startups, industry pioneers, and thought leaders, as well as the value that we will provide to the Plug and Play ecosystem as experts in the decentralized space and the infrastructure for builders and developers to build on top of. We share the vision of a participatory economy, one that is fair, transparent, sustainable, and inclusive, and together we are working tirelessly to make that a reality.
Blockchain technology and crypto economics will transform how we do business on the internet and across multiple industries. At Plug and Play Crypto and Digital Assets, we will accelerate enterprise-level adoption and bridge the gap between Web2 and Web3.
As we continue our mission to increase access to the wealth of opportunities in the digital economy for both companies and investors, we are thrilled to be a founding member of Plug and Play's Crypto and Digital Assets program in Silicon Valley. Not only will this unique partnership offer deeper connections on the West Coast and Silicon Valley, but it will also allow us to put our leadership and expertise to work as we advise companies on the benefits of participating in the rapidly growing ecosystem of blockchain, tokenization, and cryptocurrency, Together with Visa, AllianceBlock, IGT, and Franklin Templeton, we look forward to working with a variety of companies - from startups to established names - about the digital future and how they can leverage opportunities now to garner long-term growth,said Douglas Borthwick, Chief Business Officer at INX.
We believe venture capital is the optimal strategy to invest in the development and growth of Web3 businesses. In our view, the Crypto and Digital Assets team at Plug and Play continues to innovate and identify some of the most exciting Blockchain opportunities in the world, said Kevin Farrelly, VP/Director of Digital Asset Management.
As a global leader in gaming, IGT is excited to partner with Plug and Play to accelerate our innovation through a compelling collaborative environment of established industry leaders and technology startups from various sectors, IGT stands at the forefront of cashless gaming technology, and working with Plug and Play can further advance our capacities and development potential in the payments space,said Fabio Celadon, IGT Executive Vice President of Strategy & Corporate Development.
About Plug and Play
Plug and Play is the leading innovation platform connecting startups, corporations, venture capital firms, universities, and government agencies. Headquartered in Silicon Valley, we're present in 50+ locations across five continents. We offer corporate innovation programs and help our corporate partners in every stage of their innovation journey, from education to execution. We also organize startup acceleration programs and have built an in-house VC to drive innovation across multiple industries. We've invested in hundreds of successful companies, including Dropbox, Guardant Health, Honey, Lending Club, N26, PayPal, and Rappi.
FINANCIAL MANAGEMENT, WEALTH MANAGEMENT
Quantifeed | November 25, 2022
QUANTIFEED, the leading provider of digital wealth management solutions, announces that it has acquired ALPIMA, a London-based portfolio construction, visualisation, and analytics fintech company.
"We are very excited about bringing together two hugely talented teams of financial engineers to create a world-class technology platform, This transaction accelerates our mission to increase the productivity of investment professionals and to create better investment outcomes for their clients."
-Alex Ypsilanti, Co-Founder and CEO of Quantifeed
The automation of portfolio management is a key priority for many organisations in the wealth and investment management industries. The combined platform will provide unparalleled capability across the full portfolio management spectrum – including construction, personalisation, visualisation, risk analytics, order management and trading, and monitoring and reporting. The platform's modular nature allows clients to assemble solutions that are optimised for their business. Quantifeed will be in a unique position to service clients across EMEA, Asia, and the Americas as they look to grow their business more efficiently and create smarter solutions for their clients.
This is a significant milestone for us, we are delighted to join the Quantifeed family and combine our leading technology to create a global platform, Quantifeed shares our passion for designing and building technology solutions that solve client problems and help them deliver a personalised client experience at scale. I am thrilled for the opportunity to make ALPIMA's solutions available to a global client base,said Rafael Febres-Cordero, Executive Chair of ALPIMA.
As part of the transaction, Fidelity International Strategic Ventures (FISV), a strategic investor in fintech businesses, joins Quantifeed as a shareholder. "We are delighted to complete the transaction and welcome Quantifeed to the FISV portfolio, The acquisition marks the culmination of a tremendous amount of work from the teams at ALPIMA and Quantifeed, who share a similar culture, ethos, and vision. We're excited to work with the team as they build a global leader in modern, scalable, digital wealth management,said Michael Sim, Principal at FISV.
In May 2022, Quantifeed announced its Series C funding round that was led by HSBC Asset Management and joined by LUN Partners Group, Franklin Templeton, and Daiwa PI Partners.