FINANCIAL MANAGEMENT, FINTECH
Finastra | November 14, 2022
Finastra, a global provider of financial software applications and marketplaces, and Modefin, a global fintech solution provider helping banks to thrive in the digital age, today announced their partnership to offer Finastra's Fusion Trade Innovation and Fusion Essence solutions to banks in Africa and several Indian subcontinent markets. With Finastra's solutions, Modefin will help its customers embrace open finance today and future-proof their banking and global trade operations.
"We are excited to partner with Finastra and bring its proven solutions to our current and future customers, We have a longstanding relationship, having partnered previously to bring our own solution to market via its FusionFabric.cloud platform. It's a pleasure to continue strengthening our relationship, and I look forward to bringing together Finastra's solutions and expertise with our knowledge of the regional market and strong customer base."
-Amit Darda, Co-Founder and Director at Modefin
Finastra supports banks as they continue to adapt to changing market requirements and customer expectations – while futureproofing for tomorrow. Fusion Essence, the cloud-enabled next-generation core banking solution, combines sophisticated functionality and advanced technology to increase enterprise agility and operational efficiency, while using AI to unlock data for smarter business decisions. The SaaS offering covers every stage of the user journey, enabling financial institutions to deliver end-to-end experiences for differentiation.
Fusion Trade Innovation is Finastra's end-to-end solution with industry-leading capabilities for frictionless trade and supply chain finance. It uses straight-through processing, digitalization, and data analytics to enable intelligent trade for growth, with the ability to evolve with evolving compliance, customer and competitive demands.
At Finastra, we believe that finance is already open, Our open ecosystem and best-of-breed solutions enable banks to leverage advanced technology and value-added services for ongoing innovation and growth. Our partners play an integral role in helping us to deliver this. With its strong team, track record, on-the-ground presence and shared passion for open finance, we are pleased to partner with Modefin to help propel banks forward in the region,said Wissam Khoury, EVP, Partner Ecosystem and Treasury & Capital Markets at Finastra.
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning solutions and services across Lending, Payments, Treasury & Capital Markets, and Retail & Digital Banking for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world's top 100 banks.
Modefin is a global fintech solution provider that empowers banks and financial institutions with state-of-the-art digital banking solutions that help them to thrive in the digital age. Founded in 2011 and headquartered in Bangalore, India, we currently serve 60+ banks in more than 20 countries worldwide. With our technical expertise and domain knowledge, Modefin provides inﬁnite banking possibilities for banks of any size to accelerate their digital transformation & stay ahead of the competition. We aim to deliver quality products and services that are reliable, built on long-standing values and relationships, winning conﬁdence of customers, and enhancing their lives.
FINANCIAL MANAGEMENT, FINTECH
Strongpoint Partners and Shore Capital Partners | October 20, 2022
Strongpoint Partners, a tech-enabled financial services platform focused on third-party administration of retirement plans, recordkeeping, payroll, and HR solutions for SMBs, today announced the Company’s launch.
Backed by Shore Capital Partners, a Chicago-based private equity firm focused on microcap investing, Strongpoint combines an integrated software platform for outsourced retirement services alongside a relentless passion for service and innovation. Together, Strongpoint and Shore will continue to explore opportunities for growth through new partnerships and business development, and will continue to invest in the Company’s products and infrastructure.
Strongpoint partnered with HowardSimon, a leading independent retirement TPA and payroll services provider based in Riverwoods, Illinois, in December 2021. In addition, Strongpoint recently partnered with the Jocelyn family of companies (Investment Management and Pension Consulting) to expand its services to Boulder, Colorado and Northern California.
Strongpoint is launching with an experienced management team that includes Danny Hest, former CEO of Roadpass Digital and senior leader at Orbitz Worldwide and Expedia Group, who will serve as the Company’s CEO, and Sean Morris, a seasoned financial executive, who will serve as CFO.
Hest has over 20 years of experience leading business development, sales, marketing, strategic planning and operations. In his nearly 10 years at Orbitz Worldwide and Expedia Group, he led rapid growth of their B2B distribution business units, primarily through organic partnerships, sales, marketing and product development. Most recently, Hest served as CEO of Roadpass Digital, a road-based travel technology company with several consumer-focused brands that it has both acquired and developed organically.
“I’m thrilled to serve as CEO of Strongpoint and join a great team as we aim to build the leading retirement and payroll services provider across the United States, As we explore opportunities for organic growth and acquisitions, we remain fully committed to our company’s core mission to provide the highest quality services for our customers while pursuing a relentless passion for innovation.”
Morris has over 16 years of experience leading finance, accounting, operations and M&A teams. He has worked at several fast-paced financial services and investment firms, including Citadel, Northern Trust and, most recently, PEAK6 Investments, where he led a finance team of 60 employees.
Mickey Jiang, Principal at Shore Capital, reflected, It’s tremendously exciting to partner with Danny, Sean, our Board, and our founders to establish the premier network of retirement TPAs. We have a deep conviction in these leaders to expertly execute on our collective vision of growth and unwavering service quality. I am certain that this talented team will enhance, empower, and elevate every new administrator affiliation in our burgeoning network.
Hest and other members of the Strongpoint Partners executive team will be attending the ASPPA TPA Growth Summit next week in Washington, D.C., and the Spark Forum in November in Palm Beach, Florida.
About Strongpoint Partners
Strongpoint Partners is a tech-enabled financial services platform that provides third party retirement administration (“TPA”), payroll, HR, and recordkeeping to small-and-medium businesses (“SMB”). Headquartered in Chicago, Illinois, with offices in Riverwoods, Illinois, Boulder, Colorado, and Northern California, Strongpoint combines an integrated software platform for outsourced retirement and payroll services alongside a relentless passion for service and innovation.
About Shore Capital Partners
Shore Capital Partners, a Chicago-based private equity firm with offices in Nashville, is focused on microcap investments within the Healthcare, Food and Beverage, Business Services and Real Estate industries. Shore supports management partners with capital, business development expertise and industry knowledge to accelerate growth, fund acquisitions and generate value for shareholders. Shore targets investments in proven, successful private companies with superior management teams, stable cash flow and significant growth potential, including organic growth and growth through industry consolidation. Shore has approximately $3 billion of cumulative capital commitments through various investment vehicles.
Green Check Verified | November 07, 2022
Green Check Verified (GCV), the leading fintech provider of compliant cannabis banking solutions and services, today announced a partnership with The Home Savings and Loan Company of Kenton, Ohio (HSLC). Through this partnership, HSLC will launch its newly formed cannabis banking program, with plans to offer a full suite of products and services to the entire supply chain of businesses within the cannabis industry ecosystem.
As the cannabis industry continues to expand in Ohio and legalization efforts on the federal level carry on, the perception of cannabis banking is evolving. Not only are more financial institutions (FIs) finding their way in this space, the financial offerings being provided to the legal cannabis businesses continue to expand as well. In spite of this forward momentum, these legal businesses still have considerable financial services needs that have not been met.
This partnership aims to improve integrated compliance for financial institutions and cannabis-related businesses in Kenton and the greater Ohio area. GCV will extend key components of monitoring for marijuana-related business and workflow solutions to automate license verification and monitoring for violations, negative news, and other compliance red flags.
“The cannabis industry is growing at an exponential rate in Ohio, and FIs like HSLC are paving the way for these businesses to be successful through new banking services, This is another major step towards improved compliance for cannabis-related businesses, and Green Check Verified is thrilled to be an integral part of the journey.”
-Paul Chesek, Chief Growth Officer at GCV
We understand the challenges faced by cannabis related businesses when it comes to banking, that’s why we’ve established a Special Accounts Team, We’ve hired the best in class to help businesses navigate the complexities of the cannabis industry. Our team is made up of our BSA Analyst, Crystal Curry, and Ross Richards who serves as our Special Accounts Officer. Crystal and Ross are focused on providing the services businesses need,says Chris Jones, CEO at HSLC.
HSLC is paving the way by introducing a cannabis banking program that offers all of the features of its serviced-based way of community banking to these legal businesses. The program includes deposit and lending products for businesses and owners, as well as their employees. HSLC also offers PIN debit merchant services to help facilitate payments by debit cards for cannabis related retail businesses.
About Green Check Verified
Green Check Verified (GCV) is a regulatory software and services company founded in 2017 by a team of technology, banking, and regulatory experts. GCV focuses on the intersection between community banking and the emerging legal cannabis industry and aims to provide the services and tools needed to connect these two industries in compliant and profitable ways.
The Home Savings and Loan Company of Kenton, Ohio is a state chartered, full-service community bank, headquartered in Kenton, OH with locations in Lexington, KY. Founded in 1888, HSLC’s focus has always been to serve communities, businesses and individuals with full service lending, banking and merchant services products.
Secfi | September 28, 2022
Secfi, the leading provider of equity planning, today announced the launch of Secfi Wealth, offering personalized financial advice, investment management, and access to alternative investments opportunities for those with startup equity. As a registered investment advisor (RIA), Secfi will now expand on its equity planning expertise to provide comprehensive financial advice and ongoing investment management specifically for the startup community.
Equity is the most exciting yet daunting aspect of a startup employee’s financial life, and requires dedicated expertise and guidance to get it right. The startup community is underserved by today's wealth managers who lack extensive experience with stock options, advanced tax planning, and a deep understanding of venture valuations. In addition, they often require clients to have at least hundreds of thousands of dollars in investable assets. Secfi provides investment advice when it matters most early in one’s financial life which is why Secfi doesn’t require a minimum amount of investable assets to work with an advisor.
Secfi brought John Morrison on to lead the design and management of client portfolios, as well as educate clients on investing. John brings over a decade of portfolio management experience to Secfi. He was a portfolio manager of systematic active strategies at Dimensional Fund Advisors for several years. He also spent a number of years evaluating alternative investments from a risk management point of view at Goldman Sachs, and consulted at Bain and Company.
We listen to our clients and build a portfolio that suits them and their unique situation. Our goal is to save them money, make them money, and/or lower their risk by taking a systematic, data driven approach to investing while controlling what we can control in the structuring and management of their portfolio, Many of our clients reached their current level of financial wealth by taking a chance at a startup, working hard, and reaping outsized returns as a result. We help them grow that wealth in a way that avoids single points of failure so they can have the freedom to live the life they want to live and potentially take another chance on something with confidence,said Morrison.
“Startup equity is an important gateway to future wealth, which is why it’s key that it be incorporated into financial planning, Historically, access to this level of expertise and wealth management would be limited to startup founders. But the reality is that it’s needed by all levels of startup employees. We’ve been waiting for this day ever since we started Secfi to provide a holistic offering to our clients.”
-Frederik Mijnhardt, CEO and Co-Founder of Secfi
With this additional offering, startup employees receive access to specialized expertise in pre-and post-IPO equity planning, stock option exercise and selling strategies, tax planning, preparation and filing, secondary and tender offers, and investment diversification creating a one-stop shop for employees to understand their choices around their stock options and how this impacts their larger financial goals.
Since 2017, Secfi has been the startup community’s leading equity advocate, and has worked with employees from 90% of all U.S. unicorns including Airbnb, Palantir, and Doordash, helping them understand, maximize, plan, and provide cash to unlock the value of their stock options. More than 30,000 startup employees have used Secfi’s platform for equity planning, representing $48 billion in equity.
Secfi is trusted by startup employees for equity planning, stock option financing, and wealth management. We’re the first to provide a digital platform for equity planning, 1:1 financial advice, and ongoing investment management, as well as financing products that enable employees to own a stake in the company they helped build. We’ve worked with employees from more than 90% of all U.S. unicorns, and built more than 30,000 equity plans worth $48B in equity value. As an expert in valuing private companies, Secfi has studied and underwritten hundreds of high-growth startups.