FINANCIAL MANAGEMENT

BluePi partners with Snowflake to enable the fast-growing BFSI sector to generate data insights, at scale

BluePi | December 24, 2021

BluePi_partners_with
BluePi Solutions, an established player in data-driven solutions, today, announced the partnership with Snowflake, the Data Cloud company, to enable the data insights at scale. This partnership is aimed to serve the financial sector in India, for liberating valued, siloed data and unlocking  meaningful insights.

Snowflake recently launched its financial services Data Cloud with more than 600 industry data partners, as well as large customers, such as BlackRock, Capital One and Western Union. The BFSI players can leverage Snowflake's Financial Services Data Cloud to launch new customer-centric products  and services, build fintech platforms of the future and accelerate their regulatory compliance.

With India set to become the third largest domestic banking sector by 2050, implementing the right technology will help accelerate the expected growth. Announcing the partnership, Pronam Chatterjee, Co-founder and CEO, BluePi Consulting, said, "We are indeed happy to partner Snowflake, the global technology leader in Data Cloud and consider this an important milestone in our path towards technological excellence. Given the credentials of Snowflake, this partnership has further strengthened us to accelerate the data journey of our customers in the financial services sector."  He further added, "BluePi's solutions are built leveraging Data on Cloud, Data warehouse, Data Lakes and Data Marts. The partnership with a Data Cloud expert has certainly equipped us further to support financial services organisations to effortlessly launch innovative products and services while adhering to the stringent requirements of the sector ."

BluePi has rich experience in handling large scale projects around Big Data, Data Science, Cloud-based solutions, Microservices, Risk profiling, among others, in addition to having the functional knowledge of BFSI industry.

We are proud to support BluePi Consulting as they leverage Snowflake's Data Cloud Services for their financial services customers. Our financial services Data Cloud helps organisations to mobilise data with near-unlimited scale, concurrency and performance."

Vimal Venkatram, Country Manager, India at Snowflake

By leveraging BluePi solutions powered with Snowflake Data Cloud, the BFSI players can now launch new customer-centric products and services, build fintech platforms of the future and accelerate their regulatory compliance. They can also consolidate data warehouse infrastructure, deploy digital business models and leverage new-age technologies better.

About BluePi:
BluePi Consulting is an established player in the retail consulting and solutions space, has recently expanded its capabilities and has entered into the BFSI sector too. Founded in 2012, in Gurgaon by industry leaders, Pronam Chatterjee and Kaushik Khanna, BluePi, has successfully presented itself as one of the 'game changers' in the retail industry, with its data-driven retail solutions. Recently, BluePi launched its solutions to address several challenges in the BFSI sector and help deliver better performance by leveraging Big Data, Data Science, AI-enabled Data Analytics, Machine Learning and other technologies.

Spotlight

Swapninl Mehta heads the Entitlements practice at SENA. He is recognized as an industry leader in this field with regard to designing and implementing high transaction systems for large companies. In this video he talks about some of the key areas to understand with regard to securing information and in particular core concepts related to Entitlements.


Other News
CORE BANKING

Rêv Partners with Searchlight Capital Partners to Acquire Netspend Consumer Business

Rev, Searchlight Capital and Netspend | August 08, 2022

Rêv Worldwide, Inc., an international fintech company, and Global Payments, a leading worldwide provider of payment technology and software solutions, announced that Rêv, in partnership with funds advised by Searchlight Capital Partners, L.P., has entered into a definitive agreement to acquire the Netspend consumer business from Global Payments in an all cash transaction valued at $1 billion. The acquisition brings back Netspend’s founders, Roy and Bertrand Sosa, who also founded Rêv. The Sosa brothers look to leverage the strategic assets of the two entities to build a global, high growth company that delivers on a mission of financial empowerment and product innovation. For Searchlight, this transaction represents another exciting partnership with dynamic fintech entrepreneurs while also being able to support growth and innovation for consumer financial services to underserved markets. With this sale, Global Payments delivers on its commitment to divest itself from Netspend’s consumer business, allowing the company to focus on its core B2B operations and growth opportunities with Rêv as a partner. Since the Sosas founded Netspend in 1999, the company’s consumer business has developed into a clear industry leader in the prepaid and debit card space serving millions of customers nationwide, processing hundreds of billions of dollars of cardholder purchases, and established the largest retail partner network with over 130,000 locations nationwide where consumers can load their prepaid and debit card products. Netspend’s consumer products are also available online via direct-to-consumer mobile and web channels. “We’ve gone full circle, launching programs with partners around the globe in our journey to provide innovative financial services to underserved mass markets. We are very excited by the opportunity to partner with the Netspend consumer team and Searchlight as we deliver new products, expand into new markets and add more value to customers across the world,” - Roy Sosa, Chairman and Chief Executive Officer, Rêv Christopher Cruz, Partner, Searchlight, added “The characteristics of this investment are rare to find. Combining an industry leading operation in Netspend’s consumer business with modern platform technology and digitally native solutions from Rêv unlocks great growth potential by meeting the needs of a significant and sizable market. We look forward to partnering with Roy, Bertrand, and the Rêv team as they continue their mission to financially empower underserved consumers through fintech innovation.” According to a recent industry report, the global market for Prepaid Cards, estimated at US$1.6 Trillion in the year 2020, is projected to reach US$2.7 Trillion by 2026, growing at a CAGR of 9.6% over the analysis period. Leveraging its proprietary multi-currency payments and loyalty product platform, Rêv provides mobile-first payment solutions and offers banking-as-a-service capabilities for partners around the world, such as Etihad Airways, Itaú Private Bank, LATAM Airlines; as well as direct-to-consumer branded products owned and managed by Rêv, such as the recently launched X World Wallet currently available in the U.S. For Bertrand Sosa, President of Rêv, “The market opportunity for Netspend’s consumer business has always been massive, as evidenced by the history of growth the company has experienced. Now we have a chance to expand upon it globally by leveraging unique synergies we bring along with our entrepreneurial spirit.” The transaction is expected to close in the first quarter of 2023 subject to relevant regulatory approvals, and customary closing conditions. Jefferies LLC is serving as lead financial advisor, and Nomura Securities International, Inc. is serving as financial advisor to Rêv. Paul, Weiss, Rifkind, Wharton & Garrison LLP is representing Searchlight, Gunderson Dettmer is advising Rêv. Evercore is serving as financial advisor to Global Payments, and Wachtell, Lipton, Rosen & Katz is representing Global Payments in the transaction. About Rêv Rêv is a fintech company, founded by prepaid debit industry pioneers Roy and Bertrand Sosa, dedicated to delivering innovative payment experiences to consumers worldwide. Its solutions are powered by the company’s proprietary multi-currency and multi-language payments processing platform. With vast experience pioneering a number of payment industry firsts, Rêv is focused on the international banking & travel sectors. Rêv has partnered with companies across the globe to launch products in North America, Latin America, Europe, the Middle East, and Asia-Pacific. About Searchlight Searchlight is a global private investment firm with over $10 billion in assets under management and offices in New York, London and Toronto. Searchlight seeks to invest in businesses where its long-term capital and strategic support accelerate value creation for all stakeholders. About Netspend Netspend is a leading provider of payments and financial solutions for consumers and businesses. From prepaid and debit card solutions to digital account and money movement services, Netspend has a broad suite of products and technologies that deliver exceptional experiences for its customers and business partners. About Global Payments Global Payments Inc. is a leading payments technology company delivering innovative software and services to customers globally. Our technologies, services and team member expertise allow us to provide a broad range of solutions that enable our customers to operate their businesses more efficiently across a variety of channels around the world. Headquartered in Georgia with approximately 25,000 team members worldwide, Global Payments is a Fortune 500® company and a member of the S&P 500 with worldwide reach spanning over 170 countries throughout North America, Europe, Asia Pacific and Latin America.

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PAYMENTS

Affirm Partners with Agoda to Bring Travelers More Flexible Payment Options

Affirm | June 14, 2022

Affirm, the payment network that empowers consumers and helps merchants drive growth, today announced a partnership with global travel platform Agoda, part of Booking Holdings, the world’s leading provider of online travel and related services. Now, eligible travelers can book their hotel accommodations for upcoming trips across the Agoda platform both on web and via the app and pay over time for bookings over $50. By selecting Affirm as a checkout option on the platform, eligible travelers can split the total cost of purchases into either biweekly or monthly payments for as low as 0% APR. They are shown the total cost of their purchase and will never pay more than the agreed amount upfront. With Affirm, customers will know exactly what they owe with no additional late charges or hidden fees. Agoda integrates Affirm’s Adaptive Checkout to offer customers dynamic payment options to suit a variety of budgets and preferences, including four interest-free biweekly payments as well as monthly payment options. We are always looking for innovative ways to help more people access travel, using tech to simplify the search, booking and payment processes, The launch of pay-over-time options with Affirm will enable travelers in North America who might have previously found it inconvenient to pay for their booking in one lump sum to spread the costs over multiple payments without incurring any compound interest or additional costs. We’re helping consumers get back out into the world of travel – on their own terms.” Agoda’s Chief Financial Officer Thi-Mai-Linh Bui. According to a recent Affirm Consumer Spend Report, 80% of consumers agree that 2022 will be the year they splurge on a bucket-list trip and nearly 30% plan to pay for travel expenses over time instead of all at once, Our partnership with Agoda gives more travelers a budget-friendly way to pay for their next milestone vacation so they can travel without concern for late or hidden fees.” Affirm’s Chief Revenue Officer Geoff Kott. Agoda joins over 200,000 Affirm retail partners, including American Airlines, Vrbo, Priceline, Vacasa, and more. Offering Affirm at checkout can reach new customers, drive overall sales, increase average order value and customer repurchase rates. About Affirm Affirm’s mission is to deliver honest financial products that improve lives. By building a new kind of payment network — one based on trust, transparency and putting people first — we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike most credit cards and other pay-over-time options, we show consumers exactly what they will pay up front, never increase that amount, and never charge any late or hidden fees. About Agoda From its beginnings as an e-commerce start-up based in Singapore in 2005, digital travel platform Agoda has grown to offer a global network of over 2.5 million properties in more than 200 countries and territories worldwide, offering travelers easy access to a wide choice of luxury and budget hotels, apartments, homes and villas, to suit all budgets and travel occasions. In 2019, Agoda added a flight product and packages to help make travel even easier.

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FUNDING

USQ Expands Investment Platform with PREDEX Acquisition

USQ, Chatham Financial | August 02, 2022

Union Square Capital Partners, LLC, announced today it acquired the management of PREDEX, a real estate-focused interval fund. PREDEX (Ticker: PRDEX) has $163 million in AUM as of July 27, 2022, bringing total assets of USQ interval funds to approximately $400 million. “True diversification matters, and most investors have been reminded of that over the first half of this year,” said Thomas Miller, Chief Executive Officer of Union Square Capital Partners. Since both funds were launched, they have consistently demonstrated that non-correlation to the broader markets while still delivering strong risk-adjusted returns is possible, both having a three-year correlation of just -0.02 to the S&P 500 Index as of June 30, 2022. During the same period, the USQ Core Real Estate Fund (Ticker: USQIX) delivered an annualized return of 10.46%, while PRDEX delivered an annualized return of 12.09%. USQ’s first fund, USQIX, has a primary investment objective to generate a return comprised of both current income and long-term capital appreciation with moderate volatility and low correlation to the broader markets. USQ implements this strategy by investing in the core private equity real estate funds that comprise the NCREIF Fund Index — Open-end Diversified Core Equity (“NFI-ODCE”). PREDEX likewise serves as a gateway to private core real estate but implements a slightly different approach that allows for a portion of assets to be held in funds outside of the NFI-ODCE Index. “We are excited to join the USQ team and feel they are a perfect partner to support growing the PREDEX fund,” said J. Grayson Sanders, founder of PREDEX. “We are excited to join the USQ team and feel they are a perfect partner to support growing the PREDEX fund,” said J. Grayson Sanders, founder of PREDEX. The expansion of the USQ strategies is aligned with long-term plans for the firm. “This acquisition highlights our commitment to growing our asset management business through both organic growth and strategic acquisitions,” said Matt Henry, Managing Partner and Founder of USQ and Chief Executive Officer of Chatham Financial. The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The investment return and principal value of the Fund will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained by calling 1-833-877-3863 for USQIX or 1-877-940-7202 for PRDEX. Fund returns reflect actual fee waivers and reimbursement of expenses for the time periods represented. Had fees and expenses not been waived and reimbursed, returns would have been lower. See each fund’s prospectus for more information on current fees and expenses. About USQ USQ, a wholly owned subsidiary of Chatham Financial Corp., is an investment management firm providing access to inventive strategies for real asset investing. The USQ platform leverages in-depth knowledge of real estate financing complexities to offer modern investing approaches spanning the needs from registered investment advisors to institutional investors. Union Square Capital Partners, LLC brings low-cost, institutional private real estate to wealth managers. About Chatham Financial Chatham Financial is the largest independent financial risk management advisory and technology firm. A leader in debt and derivative solutions, Chatham provides clients with access to in-depth knowledge, innovative tools, and an incomparable team of over 600 employees to help mitigate risks associated with interest rate, foreign currency, and commodity exposures. Founded in 1991, Chatham serves more than 3,000 companies across a wide range of industries — handling over $750 billion in transaction volume annually and helping businesses maximize their value in the capital markets, every day. To learn more, visit chathamfinancial.com.

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PAYMENTS

Huntington National Bank creates new structure to accelerate enterprise payments strategy

Huntington | June 03, 2022

Huntington Bancshares Incorporated (Nasdaq: HBAN) announced today it is creating a new enterprise payments organization to develop, coordinate and execute on its payments strategy and investment roadmap. Amit Dhingra has been named Enterprise Payments Director and will lead a team responsible for executing an end-to-end enterprise-wide payments strategy across Consumer and Business Payments, Commercial Payments and Treasury Management. Dhingra will drive growth in payments revenue streams as well as focus on digital and customer experience enhancements. Dhingra's team will build upon the payments platform with additional products and services that will be commercialized across the business to further support existing and new customers through throughout their lifecycle. "The organization of an enterprise payments strategy and platform enables us to serve all our customers," said Steve Steinour, Huntington's chairman, president and CEO. "As we continue to invest in our payment products and services, we will deliver more value-added services and further strengthen our customer experience." In May, Huntington acquired Digital Payments Torana, a San Francisco-based business-to-consumer payments fintech. In his new role, Dhingra will report to Paul Heller, Huntington's chief technology and operations officer. Dhingra previously served as Huntington's retail payments and consumer lending director. Before Huntington, he served in a variety of strategy and transformation leadership roles at U.S. Bank and McKinsey & Company. About Huntington Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $177 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle‐market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates more than 1,000 branches in 11 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.

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Spotlight

Swapninl Mehta heads the Entitlements practice at SENA. He is recognized as an industry leader in this field with regard to designing and implementing high transaction systems for large companies. In this video he talks about some of the key areas to understand with regard to securing information and in particular core concepts related to Entitlements.

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