CORE BANKING

Locality Bank Announces Partnership with Hurdlr to Provide One Stop Shop for Business Banking, Accounting, and Tax Prep

Locality Bank | June 13, 2022

Locality_Bank_Announces
Locality Bank, a digital-first community bank that launched January 12, 2022, has announced it has partnered with Hurdlr, a leading business expense, invoicing and accounting API. The integration on the Bank's mobile application is expected to roll out in 30 to 45 days.

Utilizing the Hurdlr API integration with Locality Bank's platform will provide businesses with a way to seamlessly invoice their customers and automatically track expenses, income streams, and tax deductions imperative for accounting purposes.

As a de novo bank, we have taken the path less traveled and see great value in building and shaping a digital experience that evolves with the needs of our clients. This means that we seek to partner with tech providers who are nimble and have a like-minded mission of enabling more businesses to thrive, Raj Bhaskar and the team at Hurdlr are invested in this mission, joining the cause with banks like Locality Bank to provide an end-to-end solution that allows us to fully support South Florida businesses."

Corey LeBlanc, CTO and Co-Founder of Locality Bank.

In partnership with Nymbus, the bank's online platform has been custom built on a modern cloud-native core banking system with an open API architecture providing the seamless integration of innovative features and capabilities, like Hurdlr, among others, supporting Locality Bank's objective of building an ecosystem that empowers local businesses to succeed.

We are thrilled at what Locality Bank can do with our technology to create important functionality for local businesses, From sending invoices, and real-time reporting, to bookkeeping and banking, it is all about achieving the business owner's dream of having everything in one place."

Raj Bhaskar, CEO and Co-Founder of Hurdlr.

In November 2021, Locality Bank received final approval for a state charter and FDIC secure deposit insurance. The bank most recently completed its successful capital raise netting a total of $35 million after increasing the maximum amount from $23 million in subscriptions for stock. It is operating out of General Provision's Downtown Fort Lauderdale location (300 SW 1st Ave, Suite 155, Fort Lauderdale) until renovations of its main office (1400 South Andrews Avenue, Fort Lauderdale) are completed in Fall 2022.

About Locality Bank
Locality Bank is a digital-first community bank based in Fort Lauderdale, Florida. The bank serves local businesses by offering the traditional services of a community bank as well as user-friendly, cutting-edge technology.

About Hurdlr
Hurdlr is a rapidly growing fintech startup whose APIs, SDKs and apps help small businesses quickly overcome obstacles to year-round accounting, bookkeeping and income taxes. The company's white-label enterprise solutions allow fintechs, financial institutions and other platforms supporting these small businesses to seamlessly embed robust invoicing, expense tracking, financial reporting, accounting, and income tax features.

Spotlight

As the proportion of retirement income provided by private pensions becomes increasingly important, the quality and effectiveness of their supervision becomes more and more crucial. The IOPS Working Paper Series, launched in August 2007, highlights a range of challenges to be met in the development of national pension supervisory systems. The papers review the nature and effectiveness of new and established pensions supervisory systems, providing examples, experiences and lessons learnt for the benefit of IOPS members and the broader pensions community.


Other News
FINANCIAL MANAGEMENT

Avalara to be Acquired by Vista Equity Partners for $8.4 Billion

Avalara | August 09, 2022

Avalara, Inc., a leading provider of tax compliance automation for businesses of all sizes, today announced it has entered into a definitive agreement to be acquired by Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data, and technology-enabled businesses, in partnership with institutional co-investors. Under the terms of the agreement, Vista will acquire all outstanding shares of Avalara common stock for $93.50 per share in an all-cash transaction valued at $8.4 billion, inclusive of Avalara’s net debt. The per share purchase price represents a premium of 27 percent over the Company’s closing share price as of July 6, 2022, the last trading day prior to media reports regarding a potential transaction. Founded in 2004, Avalara’s success is built up on an extensive partner network; large tax content data and repository to help customers stay up to date on dynamic tax rules and regulations; and its cloud-native, end-to-end multi-product tax compliance portfolio. In partnering with Vista, Avalara will look to build on its successful platform by refining its go-to-market strategy, expanding its international workforce, streamlining its systems architecture, and continuing to pursue value-accretive M&A opportunities. "For nearly two decades, Avalara has ambitiously pursued its vision to automate global compliance, making tax less taxing for businesses and governments around the world. As a leader in this category, we believe our continued investment in innovation and experience is exciting for our customers, partners, and employees. We are pleased to partner with Vista and will benefit from their expertise in enterprise software as we build and improve upon our cloud compliance platform.” - Scott McFarlane, co-founder and CEO of Avalara Vista has built a reputation as a preferred partner for founder-led, next-generation software companies, We look forward to working with Scott and the entire Avalara team to advance their vision and continue delivering innovative solutions to customers,said Monti Saroya, Co-Head of Vista’s Flagship Fund and Senior Managing Director. Avalara is a mission-critical platform serving customers in a variety of end-markets, including retail, manufacturing, hospitality, and software, Avalara’s solutions, its commitment to product innovation, and its network of extensive partner integrations, resellers, and accountants make it a true leader in the space,said Adrian Alonso, Managing Director at Vista. Transaction Details The transaction, which was unanimously approved by the Avalara Board of Directors, is expected to close in the second half of 2022, subject to customary closing conditions, including approval by Avalara shareholders and receipt of regulatory approval. Closing of the transaction is not subject to a financing condition. Upon completion of the transaction, Avalara’s shares will no longer trade on the New York Stock Exchange, and Avalara will become a private company. The company will continue to operate under the Avalara name and brand. Advisors Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Avalara, and Simpson Thacher & Bartlett LLP and Perkins Coie LLP are acting as legal counsel. Kirkland & Ellis LLP is acting as legal counsel for Vista. About Avalara Avalara helps businesses of all sizes get tax compliance right. In partnership with leading ERP, accounting, ecommerce, and other financial management system providers, Avalara delivers cloud-based compliance solutions for various transaction taxes, including sales and use, VAT, GST, excise, communications, lodging, and other indirect tax types. Headquartered in Seattle, Avalara has offices across the U.S. and around the world in Brazil, Europe, and India. More information at avalara.com. About Vista Equity Partners Vista is a leading global investment firm with $96 billion in assets under management as of March 31, 2022. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista's investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity.

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CORE BANKING,PAYMENTS

PNC BANK SIGNIFICANTLY EXPANDS SURCHAGE-FREE ATM ACCESS THROUGH NCR'S ALLPOINT NETWORK

PNC BANK and NCR Corporation | August 17, 2022

PNC Bank announced today a new partnership with NCR Corporation and its Allpoint ATM network, providing customers with surcharge-free access to cash through more than 41,000 machines across the United States, including Hawaii and Alaska. PNC customers now have surcharge-free access to nearly 60,000 PNC Bank and PNC partner ATMs across the country. "As a Main Street Bank, PNC is committed building a platform that empowers the financial well-being of our customers. A key part of that is making our solutions available to customers no matter where they live or where they may travel, Partnering with NCR's Allpoint ATM network allows us to more than triple our already expansive network, providing our customers with significantly greater surcharge-free access to their cash from coast-to-coast." - Alex Overstrom, head of Retail Banking for PNC NCR's Allpoint network, the largest retail-based surcharge-free ATM network in the United States, provides banks like PNC with access to ATMs at top retail establishments including grocery and convenience stores, pharmacies, and big-box stores. We know consumers prefer a financial services provider that delivers convenient account access and management, including surcharge-free cash access, Through NCR's robust Allpoint ATM network, PNC can help meet their customers' cash access needs in the places that work best for them – the conveniently located stores that already are part of their lives, said Don Layden, EVP, Payment & Network, NCR. PNC Bank National Association PNC BankNational Associationis a member of The PNC Financial Services Group, Inc. PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.

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BITCOIN AND CRYPTO

Online Fundraising Platform, Classy, Launches Crypto Giving Powered by Coinbase Commerce

Classy | June 20, 2022

Today, Classy, an online fundraising platform that provides easy and intuitive technology for nonprofits, announces the launch of Crypto Giving. Through an integration with Coinbase Commerce, nonprofit organizations on Classy's platform can receive donations for multiple types of cryptocurrency, as easily as they can accept donations through credit cards, ACH, PayPal or Venmo. Classy's Crypto Giving product allows nonprofits to tap into a new cohort of philanthropic supporters looking to make a difference by donating their cryptocurrency. Crypto Giving makes it easy for them to donate and equally as easy for a nonprofit to accept the donation. Unlike other cryptocurrency offerings for the nonprofit sector, Classy's offering is built directly into the core giving platform, meaning the option to give in cryptocurrency like Bitcoin or Ethereum, lives right on the organization's donation page and is available across multiple campaign types. And because Crypto Giving is built directly into Classy Pay, Classy's nonprofit payment processing tool, transaction reporting happens directly in-product, alongside all other donations. This offering for Classy's customers comes at a time when cryptocurrency donations have seen an uptick in mainstream activity, such as $60M in cryptocurrency donated as a result of the humanitarian crisis in Ukraine. While the world of cryptocurrency is evolving quickly, Crypto Giving positions nonprofits to tap into this network of donors as it becomes increasingly ubiquitous. The addition of cryptocurrency to our portfolio of payment options is representative of Classy's continued efforts to develop the most impactful and purposeful fundraising technology, No other nonprofit fundraising solution has this type of functionality, across multiple campaigns, built natively into their platform. Nonprofits can now tap into new networks of donors and drive higher conversion rates, all with an easy back-end experience that provides almost immediate data." Christopher Himes, CEO of Classy. At launch, cryptocurrency donors will also be given the option to help offset the environmental impact of their donation by making a one-off individual environmental offset donation via Offset Alliance. Offset Alliance is a certified B Corp that helps make it simple to take measurable and meaningful climate action. Crypto donations have become an increasingly popular and effective way for nonprofits to raise funds. Accepting crypto as an additional donation option allows nonprofits to reach a wider base of donors, and offers consumers more flexibility when donating to causes they care about. We're thrilled that Coinbase Commerce is powering Classy's Crypto Giving solution and we're excited to see more donors drive positive impact through crypto." Coinbase Commerce Product Manager Roy Zhang. About Classy Classy, an affiliate of GoFundMe, is a Public Benefit Corporation and giving platform that enables nonprofits to connect supporters with the causes they care about. Classy's platform provides powerful and intuitive fundraising tools to convert and retain donors. Since 2011, Classy has helped nonprofits mobilize and empower the world for good by helping them raise nearly $4 billion. Classy also hosts the Collaborative conference and the Classy Awards to spotlight the innovative work nonprofits are implementing around the globe.

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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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Spotlight

As the proportion of retirement income provided by private pensions becomes increasingly important, the quality and effectiveness of their supervision becomes more and more crucial. The IOPS Working Paper Series, launched in August 2007, highlights a range of challenges to be met in the development of national pension supervisory systems. The papers review the nature and effectiveness of new and established pensions supervisory systems, providing examples, experiences and lessons learnt for the benefit of IOPS members and the broader pensions community.

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