Financial Management
Finix | January 10, 2024
Finix, the payments technology provider enabling businesses to accept and send payments online or in-person, announced the launch of Payouts, its latest standalone product line. Payouts enables businesses across all industries to efficiently send money at scale, regardless of whether they utilize the broader Finix payments platform.
Businesses often encounter challenges when they need to disburse funds due to siloed payment flows and needing to manage multiple vendor relationships to send and receive payments through various payment methods. In addition, businesses can be delayed waiting for bank approvals and integration resources. Now, Finix Payouts enables fast and reliable money movement–to one or many recipients at once–via a single developer-friendly API. Payouts has many use cases such as business-to-business (B2B) account payables, gig economy wages, insurance claims, tax refunds, sales commissions, tips, contractor payouts, and more.
"Businesses can encounter many challenges when sending money at scale. Teams may face cumbersome technical integrations, manual payment operation workflows, and cash flow challenges, which can create a reconciliation nightmare," said Richie Serna, CEO and co-founder of Finix. "With Finix Payouts, companies of all sizes can get started in a few hours, configure their payment flows and methods to satisfy their business needs, help alleviate complications and intermediaries, and start sending money without spending an extensive amount of time or resources. Instead, they can focus on what matters most: their product, customers, and business growth."
"Launching this separate product line, Payouts, is further evidence that Finix is continually and rapidly evolving to meet the dynamic needs of businesses," said Anthony Sharett, President of Pathward®, N.A. and Pathward Financial, Inc. "Pathward is proud to deepen our partnership with Finix and continue working together to broaden accessibility to the financial system."
Finix will utilize Mastercard Send™ and Visa Direct to enable card-based payouts allowing U.S. businesses to quickly send money to bank accounts or eligible cards.
Key features of Payouts include
24/7 Card Payout Availability
Disburse funds to cards in near real-time1, 365 days a year – including weekends and holidays.
Real-time Bank Account Validation
With Finix's integrations, businesses can get up and running quickly and seamlessly link and validate bank accounts in real-time.
Flexible Payment Maximums Based on Industry:
Businesses can have custom disbursement limits for push-to-card and bank transfers to effortlessly scale their processes.
All-in-One Platform
By integrating with Finix's complete solution, users can send payments via ACH, real-time payments, and to cards with Mastercard Send™ and Visa Direct, in a single API.
Embedded Compliance
Finix conducts the necessary compliance checks on recipients ahead of sending money between parties.
Reliable, Detailed Reporting
Businesses can manage their payout services with out of the box tools, customizable reporting, and detailed recordkeeping.
"In today's digital environment, it's vital that businesses of all sizes can securely access and send funds in near real-time, whenever and wherever their work takes them," said Silvana Hernandez, Executive Vice President, Product and Engineering, North America, Mastercard. "By working with Finix, we're helping businesses meet the demands of our always-on digital world, enabling them to seamlessly integrate Mastercard Send into their day-to-day operations to move money safer, faster and more efficiently."
"Visa Direct provides a single point of access and reach to over 8.5B+ endpoints capability, including 3B+ eligible cards, 3B+ bank accounts and 2.5B+ wallets around the world," said Yanilsa Gonzalez-Ore, North America Head, Visa Direct. "This collaboration reflects our shared commitment to streamlining global money movement and we're excited to bring streamlined disbursement capabilities to more businesses across the U.S., enabled by Visa Direct."
About Finix
Finix is a full-stack payment processor and infrastructure provider powering customers such as Clubessential, Passport, and Kabbage. From startups to publicly traded companies, Finix offers everything needed to deliver a world-class payments experience. Leading software platforms, marketplaces, retail, and e-commerce businesses use Finix's universal payments API and dashboard to accept payments, automate workflows, enhance customer experiences, and quickly grow revenue.
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Fintech
Renovus Capital Partners | January 05, 2024
Renovus Capital Partners announced an investment in Behavioral Framework, a leading provider of applied behavior analysis (ABA) therapy for children diagnosed with autism spectrum disorder (ASD).
Framework was founded in 2017 in Rockville, Maryland by Angela West, with the mission of helping children diagnosed with autism and their families understand, improve, and lead functional, productive lives. Behavioral Framework's best-in-class clinical model leverages the scientific principles of ABA, a family-focused mindset, and an organization-wide commitment to excellence to unlock each child's potential. Pathways, a division of Behavioral Framework, provides autism diagnostic services. Behavioral Framework's dedicated team serves children and families across Maryland, Virginia, and Washington DC.
"We're thrilled to welcome Renovus to Behavioral Framework and usher in the next chapter of our growth as we continue to build a world-class autism services organization focused squarely on the needs of our clients and their families," said Kyle West, Behavioral Framework CEO. "There is a critical need nationwide for autism diagnostics and ABA therapy. Operating from our shared values and vision, the Renovus team will help us accelerate our growth and provide life-changing diagnostics and therapy to as many children and families as possible."
"Kyle and Angela have established a strong leadership position in the growing ABA space with a unique focus on compassion for the people they serve and achieving measurable results on their behalf," said Jesse Serventi, Founding Partner at Renovus. "We are proud to support a passionate team as we seek to advance the important impact Behavioral Framework is making in the lives of children and families affected by autism, while growing to reach new communities."
"Our success in helping our clients achieve meaningful outcomes is built around holding ourselves to the absolute highest standards, individualized care, and a family focus," said Angela West, Behavioral Framework Chief Clinical Officer. "Our decades of experience have taught us that strong leadership combined with research-based programming and compassionate care are fundamental keys to better outcomes for patients on their path to independence. Renovus shares this commitment and we look forward to their support in the coming years."
A team led by senior banker Erika Haanpaa of Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Behavioral Framework.
About Behavioral Framework
Behavioral Framework is a leading provider of autism diagnostic services and ABA therapy in Maryland, Virginia, and Washington DC. Since 2017, Behavioral Framework has provided clinically exceptional care and measurable client outcomes for thousands of children diagnosed with autism and their families. Our team of dedicated behavioral experts is committed to providing our diverse community with consistent, quality care based on decades of research and best practices. Passion motivates us, progress sustains us, and measurable results help our clients reach their lifelong potential.
About Renovus Capital Partners
Founded in 2010, Renovus Capital Partners is a lower middle-market private equity firm specializing in the Knowledge and Talent industries. From its base in the Philadelphia area, Renovus manages over $1 billion across its three sector focused funds and other strategies. The firm's current portfolio includes over 25 U.S. based businesses specializing in education and training, healthcare services, technology services and professional services. Renovus typically partners with founder-led businesses, leveraging its experience within the industry and access to debt and equity capital to make operational improvements, recruit top talent, pursue add-on acquisitions and oversee strategic growth initiatives.
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Fintech
VoPay | January 11, 2024
VoPay, a leading provider of embedded financial technology solutions, has launched VoPay Verify, an Instant Bank Account Verification solution via microtransactions - pioneering the first-of-its-kind service in Canada and the United States. Recognizing the escalating adoption of bank account payments as a credit card and paper cheque alternative, the demand for a steadfast bank account verification method has become imperative for businesses. VoPay’s innovative solution empowers enterprises to rapidly authenticate and confirm any US or Canadian bank account, eliminating the protracted waiting times of up to 24 hours or more for micro-transactions to finalize.
Micro-transactions, a stalwart tool for confirming bank account ownership over the years, entail crediting or debiting a nominal amount into the account. They offer several advantages for businesses, encompassing heightened security, improved user experience, regulatory compliance, and reduced chargebacks. However, the current process is notoriously slow and disruptive to users' experience, with transactions typically spanning at least a day to complete. By leveraging VoPay's real-time transaction capabilities, companies will reduce the risk of reversals, NSFs, and transaction failures, ultimately improving their bottom line. VoPay Verify offers a fully managed account verification experience by providing a pre-built user experience and intellectual logic that determines the transaction amount considering many different risk criteria.
“This initiative gives our clients an out-of-the-box method for account verification. It means that they don't have to stitch together a solution and can utilize an optimized set of endpoints for micro-transaction verification,” says Hamed Arbabi, VoPay Founder & CEO. “Fast and easy account validation has become a crucial component in customer onboarding, and enterprises are struggling to find a fast, reliable, and cost-effective way to validate new accounts. VoPay's new Instant Micro-Transaction Verification tool does just that.”
VoPay's latest offering further strengthens the company's position as the leading provider of Fintech-as-a-Service tools and a go-to provider for businesses looking to integrate embedded financial services into their offerings.
VoPay Verify will be available to new and existing customers from February 1st. Sign up here for early access.
About VoPay
At the core of VoPay's offering is a multi-tenancy architecture, seamlessly integrated with a comprehensive payment engine and financial services solutions, epitomizing the concept of Fintech-as-a-Service. For software enterprises seeking to accelerate growth, expedite time to market, reduce operational costs, and enhance efficiency within their core platform, VoPay provides an embedded payment solution.
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Core Banking
MidFirst Bank | January 08, 2024
MidFirst Bank, the largest privately held bank in the nation, recently announced its expansion into the Southern Nevada market. This effort is led by Michael Pizzi, who will serve as Senior Vice President and Nevada Market Executive, and a team of bankers from Bank of Nevada who have extensive area expertise, deep regional relationships and a proven track record of delivering exceptional support to their customers and the communities they serve. This expansion extends MidFirst’s growth in the western United States, building upon the Bank’s recently announced entrance into the new Southern California markets of Santa Barbara, San Diego and South Bay.
“We are pleased to continue executing MidFirst’s growth strategy with our entrance into the Southern Nevada market,” said Jeff Records, Chairman and CEO of MidFirst Bank. “Michael and his team have a strong foundation in Nevada and a reputation for excellence, and we’re confident they are the best team to develop our new market presence. Las Vegas has experienced tremendous growth over the last decade, and MidFirst is ideally positioned to support this thriving community, providing robust banking service offerings and leading customer service.”
“We look forward to bringing MidFirst Bank to Southern Nevada and growing our presence in the region,” said Michael Pizzi, Senior Vice President and Nevada Market Executive of MidFirst Bank. “We have a solid team of experienced bankers in place to lead our market development, and together we will deliver a unique brand of banking to this community with an emphasis on personal relationships, first class customer service, expert financial guidance, and community support. Over the next year, we will focus on expanding our team, so we can best serve the community with a comprehensive suite of banking products and services to include private banking, mortgage, SBA, and treasury management services.”
Michael joins MidFirst Bank as Senior Vice President and Nevada Market Executive. His career spans 25 years with a focus on business banking and middle-market companies. He most recently served as Executive Vice President and Managing Director of Commercial Banking at Bank of Nevada and prior to that served in various management positions at U.S. Bank for over 14 years. His clients are participants in a variety of industries, including medical, law, manufacturing, wholesale, distribution, and commercial real estate. Michael is an active member of the community and serves as a member of the Latin Chamber of Commerce. He is a past board member of both Junior Achievement of Southern Nevada and the Discovery Children’s Museum.
Michael brings with him a team of experienced banking professionals from Bank of Nevada to serve the Southern Nevada Market, which includes Senior Vice President Joyce Smith and Senior Vice President Jeff Miracle.
About MidFirst Bank
With $36.6 billion in assets, Oklahoma City-based MidFirst Bank is the largest privately owned bank in the nation and provides commercial lending, wealth management, private banking and mortgage servicing nationally. MidFirst Bank has locations in Arizona, California, Colorado, Nevada, Oklahoma, Texas and Utah. MidFirst Bank serves California through 1st Century Bank, a division of MidFirst Bank.
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