![\"\u2122\"](\"https://s.w.org/images/core/emoji/15.0.3/72x72/2122.png\")
shoppers,\u201d\u00a0in the UAE, a term for people who leverage both digital tools and physical locations to maximize their shopping experience.Sedric AI has raised $18.5 million in a Series A funding round to continue developing and promoting its artificial intelligence (AI)-powered compliance platform for financial institutions.
\nThe company will use the new funding to grow its AI lab in Tel Aviv and to expand its global go-to-market teams, according to a Thursday (Sept. 5)\u00a0press release.
\n\u201cFor financial institutions, compliance and growth can be seen as two competing priorities,\u201d\u00a0Nir Laznik, co-founder and CEO of Sedric, said in the release. \u201cWith our compliance LLM [large language model], we turn risk into a growth opportunity. Enterprises now have an opportunity to implement a proven, bank-ready solution that is successfully operational and already widely adopted across the financial services industry.\u201d
\nSedric\u2019s platform helps financial institutions meet the expectations of regulators at a time when there is growing attention being paid to generative AI, the opportunity it presents for financial institutions to expand their product offerings, and the potential compliance risk that comes with this and other new tech, according to the release.
\nThe platform helps compliance officers gain a holistic view of their customer touchpoints across multiple channels, flag deviations from their compliance policies and guidelines, and quickly take corrective actions, the release said.
\nSedric has a growing base of customers in the United States and Europe and has increased its revenue fivefold over the last 12 months, per the release.
\nThe company\u2019s latest funding round was led by\u00a0Foundation Capital.
\nCharles Moldow, general partner at Foundation Capital, said in the release that Laznik, Sedric Co-founder and Chief Technology Officer\u00a0Eyal Peleg\u00a0and the Sedric team have developed \u201ca forward-looking solution that is 100 times more effective, faster and efficient compared to traditional methods.\u201d
\nIn another recent development in the compliance space,\u00a0Norm Ai\u00a0said in June that it raised $27 million in a Series A funding round to expand its AI-powered\u00a0regulatory compliance platform for businesses.
\n\u201cWe are now at an inflection point in AI capabilities that, when properly harnessed, unlock massive improvements in regulatory compliance workflows across the economy,\u201d Norm Ai Founder and CEO\u00a0John Nay said at the time in a press release.
\nThe post Sedric Raises $18.5 Million for AI-Powered Compliance Platform for Financial Institutions appeared first on PYMNTS.com.
\n", "content_text": "Sedric AI has raised $18.5 million in a Series A funding round to continue developing and promoting its artificial intelligence (AI)-powered compliance platform for financial institutions.\nThe company will use the new funding to grow its AI lab in Tel Aviv and to expand its global go-to-market teams, according to a Thursday (Sept. 5)\u00a0press release.\n\u201cFor financial institutions, compliance and growth can be seen as two competing priorities,\u201d\u00a0Nir Laznik, co-founder and CEO of Sedric, said in the release. \u201cWith our compliance LLM [large language model], we turn risk into a growth opportunity. Enterprises now have an opportunity to implement a proven, bank-ready solution that is successfully operational and already widely adopted across the financial services industry.\u201d\nSedric\u2019s platform helps financial institutions meet the expectations of regulators at a time when there is growing attention being paid to generative AI, the opportunity it presents for financial institutions to expand their product offerings, and the potential compliance risk that comes with this and other new tech, according to the release.\nThe platform helps compliance officers gain a holistic view of their customer touchpoints across multiple channels, flag deviations from their compliance policies and guidelines, and quickly take corrective actions, the release said.\nSedric has a growing base of customers in the United States and Europe and has increased its revenue fivefold over the last 12 months, per the release.\nThe company\u2019s latest funding round was led by\u00a0Foundation Capital.\nCharles Moldow, general partner at Foundation Capital, said in the release that Laznik, Sedric Co-founder and Chief Technology Officer\u00a0Eyal Peleg\u00a0and the Sedric team have developed \u201ca forward-looking solution that is 100 times more effective, faster and efficient compared to traditional methods.\u201d\nIn another recent development in the compliance space,\u00a0Norm Ai\u00a0said in June that it raised $27 million in a Series A funding round to expand its AI-powered\u00a0regulatory compliance platform for businesses.\n\u201cWe are now at an inflection point in AI capabilities that, when properly harnessed, unlock massive improvements in regulatory compliance workflows across the economy,\u201d Norm Ai Founder and CEO\u00a0John Nay said at the time in a press release.\nThe post Sedric Raises $18.5 Million for AI-Powered Compliance Platform for Financial Institutions appeared first on PYMNTS.com.", "date_published": "2024-09-05T20:48:12-04:00", "date_modified": "2024-09-05T20:48:12-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Sedric-AI-investments-funding-compliance.jpg", "tags": [ "AI funding", "AI investments", "artificial intelligence", "compliance", "financial institutions", "funding", "Investments", "large language models", "LLMs", "News", "PYMNTS News", "Sedric", "Sedric AI", "What's Hot", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2094896", "url": "https://www.pymnts.com/news/investment-tracker/2024/drip-secures-113-million-to-grow-digital-trade-finance-platform/", "title": "Drip Secures $113 Million to Grow Digital Trade Finance Platform", "content_html": "Drip Capital has secured $113 million in new funding to develop new products and to accelerate the growth of its digital platform for trade finance.
\nThe company has quadrupled its revenue and doubled its customer base over the past two years, despite rising interest rates that challenged the global trade sector during that time, Drip Capital Co-founder and CEO\u00a0Pushkar Mukewar said in a Thursday (Sept. 5)\u00a0press release.
\n\u201cDespite these challenges, Drip has emerged as the preferred trade finance platform for SMBs [small- t0 medium-sized businesses] in the U.S. and India,\u201d Mukewar said. \u201cWe\u2019ve achieved cash profitability and expanded our business during this period.\u201d
\nWith new investors joining the company\u2019s existing investors and debt partners, Drip Capital is \u201cready to drive our next phase of growth,\u201d Mukewar added.
\nDrip Capital currently collaborates with more than 9,000 sellers and buyers in more than 100 countries, helping SMBs manage their cash flows and working capital, according to the release. In the past eight years, the company has financed over $6 billion in trade transactions.
\nThe company uses artificial intelligence (AI) to help assess credit risk, streamline operations\u00a0and enhance customer experiences, the release said. It will continue to invest in that technology.
\nDrip has also expanded the range of services it offers SMBs by integrating foreign exchange and risk analytics solutions with its core trade financing products, per\u00a0the release.
\nThe company\u2019s investors include\u00a0GMO Payment Gateway and\u00a0Sumitomo Mitsui Banking Corp. (SMBC), according to the release.
\n\u201cDrip\u2019s innovative and comprehensive solutions in digital trade finance are transforming how SMBs engage in trade,\u201d GMO Payment Gateway Executive Vice President\u00a0Ryu Muramatsu said in the release.
\nKeiji Matsunaga, general manager of digital strategy department at SMBC, said in the release: \u201cWe are excited to contribute to the growth of society and market, by encouraging Japan-India corridor activities via this collaboration.\u201d
\nDrip seized upon the increased digitization of trade-related data records by using technology and data to calibrate and price the risk involved in brokering\u00a0cross-border transactions, Mukewar told PYMNTS CEO Karen Webster in an interview posted in 2021.
\n\u201cAnother very important aspect of our product is looking not just at traditional financial metrics, but also leveraging electronic trade data to be able to really assess the risk of every transaction which we finance,\u201d Mukewar said.
\nThe post Drip Secures $113 Million to Grow Digital Trade Finance Platform appeared first on PYMNTS.com.
\n", "content_text": "Drip Capital has secured $113 million in new funding to develop new products and to accelerate the growth of its digital platform for trade finance.\nThe company has quadrupled its revenue and doubled its customer base over the past two years, despite rising interest rates that challenged the global trade sector during that time, Drip Capital Co-founder and CEO\u00a0Pushkar Mukewar said in a Thursday (Sept. 5)\u00a0press release.\n\u201cDespite these challenges, Drip has emerged as the preferred trade finance platform for SMBs [small- t0 medium-sized businesses] in the U.S. and India,\u201d Mukewar said. \u201cWe\u2019ve achieved cash profitability and expanded our business during this period.\u201d\nWith new investors joining the company\u2019s existing investors and debt partners, Drip Capital is \u201cready to drive our next phase of growth,\u201d Mukewar added.\nDrip Capital currently collaborates with more than 9,000 sellers and buyers in more than 100 countries, helping SMBs manage their cash flows and working capital, according to the release. In the past eight years, the company has financed over $6 billion in trade transactions.\nThe company uses artificial intelligence (AI) to help assess credit risk, streamline operations\u00a0and enhance customer experiences, the release said. It will continue to invest in that technology.\nDrip has also expanded the range of services it offers SMBs by integrating foreign exchange and risk analytics solutions with its core trade financing products, per\u00a0the release.\nThe company\u2019s investors include\u00a0GMO Payment Gateway and\u00a0Sumitomo Mitsui Banking Corp. (SMBC), according to the release.\n\u201cDrip\u2019s innovative and comprehensive solutions in digital trade finance are transforming how SMBs engage in trade,\u201d GMO Payment Gateway Executive Vice President\u00a0Ryu Muramatsu said in the release.\nKeiji Matsunaga, general manager of digital strategy department at SMBC, said in the release: \u201cWe are excited to contribute to the growth of society and market, by encouraging Japan-India corridor activities via this collaboration.\u201d\nDrip seized upon the increased digitization of trade-related data records by using technology and data to calibrate and price the risk involved in brokering\u00a0cross-border transactions, Mukewar told PYMNTS CEO Karen Webster in an interview posted in 2021.\n\u201cAnother very important aspect of our product is looking not just at traditional financial metrics, but also leveraging electronic trade data to be able to really assess the risk of every transaction which we finance,\u201d Mukewar said.\nThe post Drip Secures $113 Million to Grow Digital Trade Finance Platform appeared first on PYMNTS.com.", "date_published": "2024-09-05T20:12:27-04:00", "date_modified": "2024-09-05T20:12:27-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Drip-Capital-investments.jpg", "tags": [ "cross-border commerce", "Drip Capital", "funding", "Investments", "News", "PYMNTS News", "small businesses", "SMBs", "Trade finance", "What's Hot", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2094889", "url": "https://www.pymnts.com/news/investment-tracker/2024/thoma-bravo-becomes-giant-tech-investor-steers-clear-of-blockchain/", "title": "Thoma Bravo Becomes Giant Tech Investor, Steers Clear of Blockchain", "content_html": "Thoma Bravo Founder and Managing Partner\u00a0Orlando Bravo said Thursday (Sept. 5) that while blockchain technology has promise, he and his firm are steering clear of\u00a0companies and products in that space.
\nBravo said this about three years after his private equity investment firm helped lead a $900 million investment in cryptocurrency exchange\u00a0FTX, which later went bankrupt and whose founder, Sam Bankman-Fried, is now in prison, CNBC\u00a0reported Thursday.
\n\u201cPersonally, I\u2019m\u00a0a believer in blockchain. I think it\u2019s\u00a0a powerful way of doing many things and for many use cases, and I\u2019ve\u00a0always believed that,\u201d Bravo told CNBC\u2019s \u201cSquawk on the Street\u201d Thursday. \u201cFrom an investment standpoint, after you make a mistake, you kind of move on.\u201d
\nOther than that failed investment, Thoma Bravo has become a giant investor in the tech industry, according to the report.
\nThe company has orchestrated acquisitions of\u00a0Proofpoint,\u00a0RealPage,\u00a0Anaplan and\u00a0Coupa; made exits with the sales of\u00a0Imperva\u00a0and\u00a0Barracuda Networks; and returned about $13 billion to its investors in 2023, per the report.
\nThoma Bravo sold Imperva, a\u00a0cybersecurity firm, to French multinational\u00a0Thales in July 2023 for $3.6 billion after acquiring the firm in 2018 in a deal valued at $2.1 billion.
\nThales Chairman\u00a0and CEO\u00a0Patrice Caine said at the time in a press release: \u201cWith this acquisition, we are seizing a unique opportunity to accelerate our cybersecurity capabilities and are taking an important step\u00a0towards our ambition to build a world-class global cybersecurity integrated player, providing a comprehensive portfolio of products and services. We have tremendous respect for Imperva\u2019s innovative application and data security offerings.\u201d
\nThoma Bravo bought Coupa, a business\u00a0spend management firm, in December 2022 for $8 billion, making Coupa a privately held company.
\nHolden Spaht, a managing partner at Thoma Bravo, said at the time in a press release: \u201cCoupa has created and led the large and growing business spend management category. We\u2019ve followed the company\u2019s success for many years and have been impressed by its consistent track record of delivering high levels of value for its global customer base.\u201d
\nThe terms of the Coupa\u00a0deal reflected underlying demand for this niche corner of cost savings, PYMNTS reported in December 2022.
\nThe post Thoma Bravo Becomes Giant Tech Investor, Steers Clear of Blockchain appeared first on PYMNTS.com.
\n", "content_text": "Thoma Bravo Founder and Managing Partner\u00a0Orlando Bravo said Thursday (Sept. 5) that while blockchain technology has promise, he and his firm are steering clear of\u00a0companies and products in that space.\nBravo said this about three years after his private equity investment firm helped lead a $900 million investment in cryptocurrency exchange\u00a0FTX, which later went bankrupt and whose founder, Sam Bankman-Fried, is now in prison, CNBC\u00a0reported Thursday.\n\u201cPersonally, I\u2019m\u00a0a believer in blockchain. I think it\u2019s\u00a0a powerful way of doing many things and for many use cases, and I\u2019ve\u00a0always believed that,\u201d Bravo told CNBC\u2019s \u201cSquawk on the Street\u201d Thursday. \u201cFrom an investment standpoint, after you make a mistake, you kind of move on.\u201d\nOther than that failed investment, Thoma Bravo has become a giant investor in the tech industry, according to the report.\nThe company has orchestrated acquisitions of\u00a0Proofpoint,\u00a0RealPage,\u00a0Anaplan and\u00a0Coupa; made exits with the sales of\u00a0Imperva\u00a0and\u00a0Barracuda Networks; and returned about $13 billion to its investors in 2023, per the report.\nThoma Bravo sold Imperva, a\u00a0cybersecurity firm, to French multinational\u00a0Thales in July 2023 for $3.6 billion after acquiring the firm in 2018 in a deal valued at $2.1 billion.\nThales Chairman\u00a0and CEO\u00a0Patrice Caine said at the time in a press release: \u201cWith this acquisition, we are seizing a unique opportunity to accelerate our cybersecurity capabilities and are taking an important step\u00a0towards our ambition to build a world-class global cybersecurity integrated player, providing a comprehensive portfolio of products and services. We have tremendous respect for Imperva\u2019s innovative application and data security offerings.\u201d\nThoma Bravo bought Coupa, a business\u00a0spend management firm, in December 2022 for $8 billion, making Coupa a privately held company.\nHolden Spaht, a managing partner at Thoma Bravo, said at the time in a press release: \u201cCoupa has created and led the large and growing business spend management category. We\u2019ve followed the company\u2019s success for many years and have been impressed by its consistent track record of delivering high levels of value for its global customer base.\u201d\nThe terms of the Coupa\u00a0deal reflected underlying demand for this niche corner of cost savings, PYMNTS reported in December 2022.\nThe post Thoma Bravo Becomes Giant Tech Investor, Steers Clear of Blockchain appeared first on PYMNTS.com.", "date_published": "2024-09-05T19:53:00-04:00", "date_modified": "2024-09-05T19:53:00-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Thoma-Bravo-investments.jpg", "tags": [ "Bitcoin", "Blockchain", "Cryptocurrency", "decentralized finance", "DeFi", "FTX", "Investments", "News", "Orlando Bravo", "PYMNTS News", "Sam Bankman-Fried", "SBF", "Thoma Bravo", "Web3", "What's Hot", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2094447", "url": "https://www.pymnts.com/news/investment-tracker/2024/nvidia-contributes-160-million-dollar-applied-digital-funding-round/", "title": "Nvidia Contributes to $160 Million Applied Digital Funding Round", "content_html": "Data center operator Applied Digital is the latest company benefiting from investors\u2019 artificial intelligence appetites.
\nThe firm raised $160 million in a financing round that included backers like AI chip giant Nvidia, The Wall Street Journal reported Thursday (Sept. 5).
\nApplied Digital builds and leases out space in its data center to other companies, according to the report. It also launched an AI cloud-computing operation powered by Nvidia\u2019s chips.
\n\u201cWe have been doing a lot with Nvidia, and I think we\u2019re unique in that we have both the cloud aspect and the data center build-out,\u201d CEO Wes Cummins said, per the report. \u201cI think both are important to them.\u201d
\nThe company will use the new funding to fuel its growth and help shore up debt-financing deals for a data center effort in North Dakota, the report said. It also plans to expand its cloud-computing business.
\nOther companies in the space \u2014 such as AI cloud-computing firm CoreWeave \u2014 have also seen their valuations rise after investments from Nvidia, per the report.
\nEarlier this week, Tokyo-based AI company Sakana AI raised over $100 million and partnered with Nvidia, an investor in the funding round.
\nIn other AI news, PYMNTS examined how generative AI has emerged as a major driver of innovation in automobile development and design.
\n\u201cThe technology allows engineers to quickly explore numerous design variations, optimizing everything from vehicle aesthetics to performance attributes,\u201d the report said. \u201cThis shift is supported by compelling industry data.\u201d
\nThe PYMNTS Intelligence report \u201cHow Generative AI Is Boosting Innovation for Carmakers and Drivers\u201d found that 93% of auto industry stakeholders said generative AI will have a significant impact on their field, while 75% plan to integrate it into their operations this year.
\nThe generative AI market in the auto sector is expected to balloon from $335 million in 2023 to $2.6 billion by 2033, representing a compound annual growth rate of 23%.
\n\u201cThis anticipated growth underscores a commitment to the technology among research and development departments, with nearly 70% of decision-makers prioritizing its adoption,\u201d PYMNTS wrote.
\nFor all PYMNTS AI coverage, subscribe to the daily AI Newsletter.
\nThe post Nvidia Contributes to $160 Million Applied Digital Funding Round appeared first on PYMNTS.com.
\n", "content_text": "Data center operator Applied Digital is the latest company benefiting from investors\u2019 artificial intelligence appetites.\nThe firm raised $160 million in a financing round that included backers like AI chip giant Nvidia, The Wall Street Journal reported Thursday (Sept. 5).\nApplied Digital builds and leases out space in its data center to other companies, according to the report. It also launched an AI cloud-computing operation powered by Nvidia\u2019s chips.\n\u201cWe have been doing a lot with Nvidia, and I think we\u2019re unique in that we have both the cloud aspect and the data center build-out,\u201d CEO Wes Cummins said, per the report. \u201cI think both are important to them.\u201d\nThe company will use the new funding to fuel its growth and help shore up debt-financing deals for a data center effort in North Dakota, the report said. It also plans to expand its cloud-computing business.\nOther companies in the space \u2014 such as AI cloud-computing firm CoreWeave \u2014 have also seen their valuations rise after investments from Nvidia, per the report.\nEarlier this week, Tokyo-based AI company Sakana AI raised over $100 million and partnered with Nvidia, an investor in the funding round.\nIn other AI news, PYMNTS examined how generative AI has emerged as a major driver of innovation in automobile development and design.\n\u201cThe technology allows engineers to quickly explore numerous design variations, optimizing everything from vehicle aesthetics to performance attributes,\u201d the report said. \u201cThis shift is supported by compelling industry data.\u201d\nThe PYMNTS Intelligence report \u201cHow Generative AI Is Boosting Innovation for Carmakers and Drivers\u201d found that 93% of auto industry stakeholders said generative AI will have a significant impact on their field, while 75% plan to integrate it into their operations this year.\nThe generative AI market in the auto sector is expected to balloon from $335 million in 2023 to $2.6 billion by 2033, representing a compound annual growth rate of 23%.\n\u201cThis anticipated growth underscores a commitment to the technology among research and development departments, with nearly 70% of decision-makers prioritizing its adoption,\u201d PYMNTS wrote.\nFor all PYMNTS AI coverage, subscribe to the daily AI Newsletter.\nThe post Nvidia Contributes to $160 Million Applied Digital Funding Round appeared first on PYMNTS.com.", "date_published": "2024-09-05T10:54:28-04:00", "date_modified": "2024-09-05T10:54:28-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/12/Nvidia.jpg", "tags": [ "Applied Digital", "artificial intelligence", "funding", "GenAI", "Innovation", "Investments", "News", "NVIDIA", "PYMNTS News", "Technology", "What's Hot", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2081422", "url": "https://www.pymnts.com/news/investment-tracker/2024/flex-raises-3-million-dollars-hsa-fsa-payment-acceptance/", "title": "Flex Raises $3.2 Million for HSA and FSA Payment Acceptance", "content_html": "Health and wellness-focused FinTech Flex raised $3.2 million in seed funding.
\nThe new financing will help the company with its mission of offering direct-to-consumer health and wellness brands an easier way to accept health savings account (HSA) and flexible spending account (FSA) payments online, according to a Wednesday (Sept. 4) press release.
\n\u201cFlex will use the funding to accelerate product development and sales and marketing, and to capitalize on strong interest from brands in capturing more of the $150 billion in potential annual HSA/FSA spending,\u201d the release said.
\nOnline acceptance of HSA and FSA payments has been difficult because of the need to substantiate each item\u2019s eligibility \u201con the fly,\u201d meaning that only companies the size of Amazon and Walmart have the resources to create their own systems to process HSA and FSA payments online, per the release.
\n\u201cSmaller merchants have been unable to leverage consumers\u2019 desire to spend their HSA/FSA dollars online,\u201d the release said. \u201cConsumers instead must pay out of pocket and submit itemized receipts to their FSA provider seeking reimbursement. The difficulty of that process means consumers often purchase their products elsewhere, from merchants who make the process easier.\u201d
\nFlex differentiates itself by offering product verification during checkout and \u201cthe ability to confirm the eligibility of dual-use items, issuing Letters of Medical Necessity, and handling split tenders \u2014 orders that include both eligible and non-eligible items,\u201d Flex co-founder Sam O\u2019Keefe said in the release.
\nIn other healthcare news, PYMNTS spoke last week with PatientPay CEO Tom Furr and ClearGage CEO Ryan Zemmin about the way digital innovations are improving the patient experience in healthcare billing and payments.
\n\u201cWe are trying to digitize a pretty paper-based system, which is how most healthcare bills are sent out,\u201d said Furr, whose company had just merged with ClearGage. \u201cForty-five percent of bills in healthcare are sent through paper statements, and outside of healthcare that\u2019s not the norm.\u201d
\nFurr attributed the persistence of paper billing to the complexity of healthcare payments and the difficulty of leaving behind long-held practices.
\nAlthough the pandemic accelerated the shift toward digital solutions as healthcare providers faced pressure to maintain efficiency, the macro backdrop has left healthcare systems struggling as costs rise and government support fades, the report said.
\nThe post Flex Raises $3.2 Million for HSA and FSA Payment Acceptance appeared first on PYMNTS.com.
\n", "content_text": "Health and wellness-focused FinTech Flex raised $3.2 million in seed funding.\nThe new financing will help the company with its mission of offering direct-to-consumer health and wellness brands an easier way to accept health savings account (HSA) and flexible spending account (FSA) payments online, according to a Wednesday (Sept. 4) press release.\n\u201cFlex will use the funding to accelerate product development and sales and marketing, and to capitalize on strong interest from brands in capturing more of the $150 billion in potential annual HSA/FSA spending,\u201d the release said.\nOnline acceptance of HSA and FSA payments has been difficult because of the need to substantiate each item\u2019s eligibility \u201con the fly,\u201d meaning that only companies the size of Amazon and Walmart have the resources to create their own systems to process HSA and FSA payments online, per the release.\n\u201cSmaller merchants have been unable to leverage consumers\u2019 desire to spend their HSA/FSA dollars online,\u201d the release said. \u201cConsumers instead must pay out of pocket and submit itemized receipts to their FSA provider seeking reimbursement. The difficulty of that process means consumers often purchase their products elsewhere, from merchants who make the process easier.\u201d\nFlex differentiates itself by offering product verification during checkout and \u201cthe ability to confirm the eligibility of dual-use items, issuing Letters of Medical Necessity, and handling split tenders \u2014 orders that include both eligible and non-eligible items,\u201d Flex co-founder Sam O\u2019Keefe said in the release.\nIn other healthcare news, PYMNTS spoke last week with PatientPay CEO Tom Furr and ClearGage CEO Ryan Zemmin about the way digital innovations are improving the patient experience in healthcare billing and payments.\n\u201cWe are trying to digitize a pretty paper-based system, which is how most healthcare bills are sent out,\u201d said Furr, whose company had just merged with ClearGage. \u201cForty-five percent of bills in healthcare are sent through paper statements, and outside of healthcare that\u2019s not the norm.\u201d\nFurr attributed the persistence of paper billing to the complexity of healthcare payments and the difficulty of leaving behind long-held practices.\nAlthough the pandemic accelerated the shift toward digital solutions as healthcare providers faced pressure to maintain efficiency, the macro backdrop has left healthcare systems struggling as costs rise and government support fades, the report said.\nThe post Flex Raises $3.2 Million for HSA and FSA Payment Acceptance appeared first on PYMNTS.com.", "date_published": "2024-09-04T17:19:26-04:00", "date_modified": "2024-09-04T17:19:26-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/healthcare.jpg", "tags": [ "Digital Payments", "FinTech", "Flex", "funding", "Healthcare", "Investments", "News", "PYMNTS News", "What's Hot", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2081251", "url": "https://www.pymnts.com/news/investment-tracker/2024/openai-vet-sutskevers-startup-reportedly-raises-1-billion/", "title": "OpenAI Vet Sutskever\u2019s Startup Reportedly Raises $1 Billion", "content_html": "Safe Superintelligence, the company co-founded by OpenAI veteran Ilya Sutskever, has reportedly raised $1 billion.
\nThe company plans to use the funds to boost its computing power and hire talent, management told Reuters in an\u00a0interview\u00a0published Wednesday (Sept. 4). Safe Superintelligence (SSI) declined to share its valuation, though sources told Reuters the firm is valued at $5 billion.
\nInvestors in the round included high-profile venture capital outfits like Andreessen Horowitz and Sequoia, along with NFDG, an investment partnership run in part by SSI CEO Daniel Gross.
\n\u201cIt\u2019s important for us to be surrounded by investors who understand, respect and support our mission, which is to make a straight shot to safe superintelligence and in particular to spend a couple of years doing R&D on our product before bringing it to market,\u201d Gross told Reuters.
\nMeanwhile, Sutskever \u2014 an OpenAI co-founder who had been the company\u2019s chief scientist \u2014 said the new project made sense because he \u201cidentified a mountain that\u2019s a bit\u00a0different from what I was working on.\u201d
\nLast year, Sutskever was part of the board at OpenAI that\u00a0voted to unseat\u00a0CEO Sam Altman over a \u201cbreakdown of communications,\u201d though he quickly changed his mind and joined in an employee-led campaign for\u00a0Altman\u2019s reinstatement.
\nHowever, as Reuters notes, the incident \u201cdiminished\u201d Sutskever\u2019s role at OpenAI. He was removed from the board and stepped down in May. After he left, the company dissolved his AI-safety-focused\u00a0\u201csuperalignment\u201d team.
\nSutskever\u00a0announced the launch\u00a0of SSI in June, saying the company would focus solely on developing \u2014 as the name suggests \u2014 safe superintelligence without the pressure that comes with commercial interests.
\nAs PYMNTS wrote at the time, this has once again sparked a debate about whether such a feat is possible. Some experts question the feasibility of creating a superintelligent AI, given the limitations of AI systems and the obstacles to ensuring its safety.
\n\u201cCritics of the\u00a0superintelligence goal point\u00a0to the current limitations of AI systems, which, despite their impressive capabilities, still struggle with tasks that require common sense reasoning and contextual understanding,\u201d that report said. \u201cThey argue that the leap from narrow AI, which excels at specific tasks, to a general intelligence that surpasses human capabilities across all domains is not merely a matter of increasing computational power or data.\u201d
\nFor all PYMNTS AI coverage, subscribe to the daily\u00a0AI\u00a0Newsletter.
\nThe post OpenAI Vet Sutskever\u2019s Startup Reportedly Raises $1 Billion appeared first on PYMNTS.com.
\n", "content_text": "Safe Superintelligence, the company co-founded by OpenAI veteran Ilya Sutskever, has reportedly raised $1 billion.\nThe company plans to use the funds to boost its computing power and hire talent, management told Reuters in an\u00a0interview\u00a0published Wednesday (Sept. 4). Safe Superintelligence (SSI) declined to share its valuation, though sources told Reuters the firm is valued at $5 billion.\nInvestors in the round included high-profile venture capital outfits like Andreessen Horowitz and Sequoia, along with NFDG, an investment partnership run in part by SSI CEO Daniel Gross.\n\u201cIt\u2019s important for us to be surrounded by investors who understand, respect and support our mission, which is to make a straight shot to safe superintelligence and in particular to spend a couple of years doing R&D on our product before bringing it to market,\u201d Gross told Reuters.\nMeanwhile, Sutskever \u2014 an OpenAI co-founder who had been the company\u2019s chief scientist \u2014 said the new project made sense because he \u201cidentified a mountain that\u2019s a bit\u00a0different from what I was working on.\u201d\nLast year, Sutskever was part of the board at OpenAI that\u00a0voted to unseat\u00a0CEO Sam Altman over a \u201cbreakdown of communications,\u201d though he quickly changed his mind and joined in an employee-led campaign for\u00a0Altman\u2019s reinstatement.\nHowever, as Reuters notes, the incident \u201cdiminished\u201d Sutskever\u2019s role at OpenAI. He was removed from the board and stepped down in May. After he left, the company dissolved his AI-safety-focused\u00a0\u201csuperalignment\u201d team.\nSutskever\u00a0announced the launch\u00a0of SSI in June, saying the company would focus solely on developing \u2014 as the name suggests \u2014 safe superintelligence without the pressure that comes with commercial interests.\nAs PYMNTS wrote at the time, this has once again sparked a debate about whether such a feat is possible. Some experts question the feasibility of creating a superintelligent AI, given the limitations of AI systems and the obstacles to ensuring its safety.\n\u201cCritics of the\u00a0superintelligence goal point\u00a0to the current limitations of AI systems, which, despite their impressive capabilities, still struggle with tasks that require common sense reasoning and contextual understanding,\u201d that report said. \u201cThey argue that the leap from narrow AI, which excels at specific tasks, to a general intelligence that surpasses human capabilities across all domains is not merely a matter of increasing computational power or data.\u201d\n\nFor all PYMNTS AI coverage, subscribe to the daily\u00a0AI\u00a0Newsletter.\n\nThe post OpenAI Vet Sutskever\u2019s Startup Reportedly Raises $1 Billion appeared first on PYMNTS.com.", "date_published": "2024-09-04T14:24:00-04:00", "date_modified": "2024-09-04T14:24:00-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/OpenAI-Sutskever-startup.png", "tags": [ "AI", "Andreessen Horowitz", "artificial intelligence", "funding", "Ilya Sutskever", "Investments", "News", "NFDG", "OpenAI", "PYMNTS News", "Safe Superintelligence", "Sequoia", "startups", "What's Hot", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2081162", "url": "https://www.pymnts.com/news/investment-tracker/2024/paypal-backed-ume-raises-15-million-to-expand-payment-network/", "title": "PayPal-Backed Ume Raises $15 Million to Expand Payment Network", "content_html": "Brazilian FinTech Ume has raised $15 million in a Series A funding round to expand its payment network and merchant services platform for small and medium-sized businesses (SMBs) on Pix.
\nThe round was led by PayPal Ventures, the companies said in a Friday (Aug. 30) press release. Ume has also raised a $20 million FIDC debt facility, according to the release.
\nThe company will use the new resources to expand into new regions and enhance its Pix capabilities, per the release.
\n\u201cOur vision is to build a next-generation payment network and merchant services platform on Pix rails that provides Brazilians with more accessible and flexible payment methods and enables thousands of Brazilian SMBs to grow their businesses,\u201d Berthier Ribeiro, co-founder and CEO of Ume, said in the release.
\nUme currently offers its buy now, pay later (BNPL) product through a network of 6,000 merchants in Brazil and reaches more than 220,000 consumers, according to the release. Eighty-five percent of the purchases made using its consumer financing product are from repeat customers.
\nNow, the company is building a Pix-first payment network and merchant services platform that enables SMBs to offer additional payment options to their customers, the release said.
\nSince incorporating the Pix rail into its network in early 2023, Ume has grown its merchant base five times faster, seen consumer repeat rates grow three times higher and had default rates decline by 33%, per the release.
\n\u201cBy building its infrastructure on the public Pix rails, Ume is able to quickly scale up by instantly onboarding new merchants and consumers, as well as through expanded product offerings such as enabling certain consumers to purchase from merchants outside the Ume network, allowing them to buy both online and offline,\u201d Ian Cox, investment partner at PayPal Ventures, said in the release.
\nEighty-two percent of Brazilian consumers said Pix \u2014 which is Brazil\u2019s instant-payment system \u2014 makes a positive or very positive impact on their lives, according to the PYMNTS Intelligence and Galileo collaboration, \u201cPromising Payments: Digital Payments Gain Ground in Latin America.\u201d
\nThe report also found that 43% of Brazilian consumers use Pix daily, compared to the 29% who use credit cards and the 21% who use cash.
\nThe post PayPal-Backed Ume Raises $15 Million to Expand Payment Network appeared first on PYMNTS.com.
\n", "content_text": "Brazilian FinTech Ume has raised $15 million in a Series A funding round to expand its payment network and merchant services platform for small and medium-sized businesses (SMBs) on Pix.\nThe round was led by PayPal Ventures, the companies said in a Friday (Aug. 30) press release. Ume has also raised a $20 million FIDC debt facility, according to the release.\nThe company will use the new resources to expand into new regions and enhance its Pix capabilities, per the release.\n\u201cOur vision is to build a next-generation payment network and merchant services platform on Pix rails that provides Brazilians with more accessible and flexible payment methods and enables thousands of Brazilian SMBs to grow their businesses,\u201d Berthier Ribeiro, co-founder and CEO of Ume, said in the release.\nUme currently offers its buy now, pay later (BNPL) product through a network of 6,000 merchants in Brazil and reaches more than 220,000 consumers, according to the release. Eighty-five percent of the purchases made using its consumer financing product are from repeat customers.\nNow, the company is building a Pix-first payment network and merchant services platform that enables SMBs to offer additional payment options to their customers, the release said.\nSince incorporating the Pix rail into its network in early 2023, Ume has grown its merchant base five times faster, seen consumer repeat rates grow three times higher and had default rates decline by 33%, per the release.\n\u201cBy building its infrastructure on the public Pix rails, Ume is able to quickly scale up by instantly onboarding new merchants and consumers, as well as through expanded product offerings such as enabling certain consumers to purchase from merchants outside the Ume network, allowing them to buy both online and offline,\u201d Ian Cox, investment partner at PayPal Ventures, said in the release.\nEighty-two percent of Brazilian consumers said Pix \u2014 which is Brazil\u2019s instant-payment system \u2014 makes a positive or very positive impact on their lives, according to the PYMNTS Intelligence and Galileo collaboration, \u201cPromising Payments: Digital Payments Gain Ground in Latin America.\u201d\nThe report also found that 43% of Brazilian consumers use Pix daily, compared to the 29% who use credit cards and the 21% who use cash.\nThe post PayPal-Backed Ume Raises $15 Million to Expand Payment Network appeared first on PYMNTS.com.", "date_published": "2024-09-04T12:08:29-04:00", "date_modified": "2024-09-04T22:30:10-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/08/funding.jpg", "tags": [ "B2B", "B2B Payments", "BNPL", "brazil", "buy now pay later", "commercial payments", "FinTech", "funding", "Investments", "News", "payments", "PayPal", "PIX", "PYMNTS News", "SMBs", "Ume", "What's Hot", "What's Hot In B2B", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2079956", "url": "https://www.pymnts.com/news/investment-tracker/2024/dubais-ziina-raises-22-million-as-uaes-small-business-sector-grows/", "title": "Dubai\u2019s Ziina Raises $22 Million as UAE\u2019s Small Business Sector Grows", "content_html": "Ziina\u00a0has raised $22 million to provide FinTech services for UAE-based small businesses.
\nIn an\u00a0interview\u00a0with TechCrunch Tuesday (Sept. 3), Co-founder and CEO\u00a0Faisal Toukan\u00a0said there were a few factors that made the company attractive to investors, including the rapidly-growing small and medium-sized enterprise (SME) segment in the United Arab Emirates (UAE) and the company\u2019s newly-acquired central bank license.
\nZiina originated as a peer-to-peer (P2P) payment app for splitting bills, such as for group trips or rent and still offers P2P services.
\nBut the TechCrunch report notes that, while the company still offers P2P services, most of its product focus has shifted to SMEs, targeting an \u201cunderserved market\u201d of 560,000 such businesses, which account for nearly 95% of all companies in the UAE.
\n\u201cWe\u2019re an all-in-one platform for businesses to get paid in the UAE, having evolved from being purely a consumer app to an ecosystem that connects consumers and businesses for payments under one platform,\u201d Toukan said.
\n\u201cWe look at the general experience as consumers can pay businesses, businesses can pay consumers, and then build that network effect across the two customer segments. And that is one of the key differentiators we have in our product strategy and business. So basically, everything should be under one ecosystem where people have a financially trusted partner.\u201d
\nThe funding comes weeks after another Dubai-based company, financial services firm\u00a0Mamo, announced it had\u00a0raised $4.3 million in new funding.
\n\u201cMamo\u2019s mission is to empower people to manage and grow their money through simpler, faster and friendlier finance,\u201d the company wrote on LinkedIn. \u201cThis newly raised capital will help expand the depth of Mamo\u2019s SME-facing product offering within the UAE and support regional expansion.\u201d
\nPYMNTS spoke with Mamo CEO\u00a0Imad Gharazeddine\u00a0in 2022 about the rise of P2P payments in the UAE and other countries in the Middle East/North Africa region.
\n\u201cSMEs are tired of cash-on-delivery because of the\u00a0operational hassles\u00a0associated with it,\u201d Gharazeddine told PYMNTS. \u201cFor example, if you deliver products or services and your customer comes to make a payment and they don\u2019t have the right change, you have to send your driver back and forth a few times.\u201d
\nMeanwhile, PYMNTS wrote earlier this year about the prevalence of\u00a0\u201cClick-and-Mortar shoppers,\u201d\u00a0in the UAE, a term for people who leverage both digital tools and physical locations to maximize their shopping experience.
\u201cAnd, when surveyed about the\u00a0quality of their digital shopping features, respondents shared what turned out to be the second highest level of customer satisfaction among the six countries we studied,\u201d PYMNTS wrote. \u201cThis likely explains why 71% of UAE consumers used digital features to enhance their most recent shopping experience.\u201d
\nThe post Dubai\u2019s Ziina Raises $22 Million as UAE\u2019s Small Business Sector Grows appeared first on PYMNTS.com.
\n", "content_text": "Ziina\u00a0has raised $22 million to provide FinTech services for UAE-based small businesses.\nIn an\u00a0interview\u00a0with TechCrunch Tuesday (Sept. 3), Co-founder and CEO\u00a0Faisal Toukan\u00a0said there were a few factors that made the company attractive to investors, including the rapidly-growing small and medium-sized enterprise (SME) segment in the United Arab Emirates (UAE) and the company\u2019s newly-acquired central bank license.\nZiina originated as a peer-to-peer (P2P) payment app for splitting bills, such as for group trips or rent and still offers P2P services.\nBut the TechCrunch report notes that, while the company still offers P2P services, most of its product focus has shifted to SMEs, targeting an \u201cunderserved market\u201d of 560,000 such businesses, which account for nearly 95% of all companies in the UAE.\n\u201cWe\u2019re an all-in-one platform for businesses to get paid in the UAE, having evolved from being purely a consumer app to an ecosystem that connects consumers and businesses for payments under one platform,\u201d Toukan said.\n\u201cWe look at the general experience as consumers can pay businesses, businesses can pay consumers, and then build that network effect across the two customer segments. And that is one of the key differentiators we have in our product strategy and business. So basically, everything should be under one ecosystem where people have a financially trusted partner.\u201d\nThe funding comes weeks after another Dubai-based company, financial services firm\u00a0Mamo, announced it had\u00a0raised $4.3 million in new funding.\n\u201cMamo\u2019s mission is to empower people to manage and grow their money through simpler, faster and friendlier finance,\u201d the company wrote on LinkedIn. \u201cThis newly raised capital will help expand the depth of Mamo\u2019s SME-facing product offering within the UAE and support regional expansion.\u201d\nPYMNTS spoke with Mamo CEO\u00a0Imad Gharazeddine\u00a0in 2022 about the rise of P2P payments in the UAE and other countries in the Middle East/North Africa region.\n\u201cSMEs are tired of cash-on-delivery because of the\u00a0operational hassles\u00a0associated with it,\u201d Gharazeddine told PYMNTS. \u201cFor example, if you deliver products or services and your customer comes to make a payment and they don\u2019t have the right change, you have to send your driver back and forth a few times.\u201d\nMeanwhile, PYMNTS wrote earlier this year about the prevalence of\u00a0\u201cClick-and-Mortar shoppers,\u201d\u00a0in the UAE, a term for people who leverage both digital tools and physical locations to maximize their shopping experience.\n\u201cAnd, when surveyed about the\u00a0quality of their digital shopping features, respondents shared what turned out to be the second highest level of customer satisfaction among the six countries we studied,\u201d PYMNTS wrote. \u201cThis likely explains why 71% of UAE consumers used digital features to enhance their most recent shopping experience.\u201d\nThe post Dubai\u2019s Ziina Raises $22 Million as UAE\u2019s Small Business Sector Grows appeared first on PYMNTS.com.", "date_published": "2024-09-03T14:44:54-04:00", "date_modified": "2024-09-03T23:01:52-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/08/funding.jpg", "tags": [ "B2B", "B2B Payments", "commercial payments", "Dubai", "funding", "Investments", "News", "PYMNTS News", "SMBs", "SMEs", "UAE", "United Arab Emirates", "What's Hot", "What's Hot In B2B", "Ziina", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2078355", "url": "https://www.pymnts.com/news/investment-tracker/2024/bridge-raises-40-million-dollars-global-stablecoin-based-payments-platform/", "title": "Bridge Raises $40 Million for Global Stablecoin-Based Payments Platform", "content_html": "Bridge reportedly raised $40 million to support its efforts to build a stablecoin-based payments platform designed to simplify global money movement.
\nThe funding brings the total amount the company has raised to $58 million, CoinDesk reported Friday (Aug. 30), citing a paywalled article by Fortune.
\nThe startup has raised venture funding from Sequoia, Ribbit, Index, Haun Ventures and others, Ledger Insights reported Friday.
\nBridge was founded by Zach Abrams and Sean Yu, according to the company\u2019s website. They previously founded Evenly, a peer-to-peer (P2P) payments company that was acquired by Square in 2013.
\nThe company aims to create infrastructure that builders can use to take advantage of the ability of stablecoins to transform and improve global money movement, per the website.
\n\u201cSince launching 18 months ago, we\u2019ve provided millions with faster and cheaper access to cross-border payments, enabled governments and aid agencies to more efficiently distribute funds to thousands, and given millions more true economic choice, enabling them to easily save and spend in USD or EUR,\u201d Bridge said on its website. \u201cAnd we\u2019re just getting started.\u201d
\nSequoia said in a Thursday (Aug. 29) blog post that it led Bridge\u2019s Series A funding round, partnering with the company because it will \u201cusher in the next wave of payment innovation.\u201d
\n\u201cZach, Sean and their team are making it possible for developers to seamlessly and instantly convert between any two dollar formats, with a single API,\u201d Sequoia said in the post. \u201cA company in Brazil can use Bridge to send USDC payments to their supplier in China, a consumer in Nigeria can pay for YouTube or ChatGPT, and a small business in the U.S. can take payments in PYUSD from customers around the world. Because Bridge is built on blockchains, it works 24/7, in virtually every country \u2014 and for as little as 10% of the cost of traditional foreign exchange rails.\u201d
\nObservers are wondering whether stablecoins might serve as the best onramp for users to enter the digital asset space, PYMNTS reported Monday (Aug. 26). Stablecoins can be integrated into existing digital wallets, making them easy to use for those already familiar with mobile payments.
\nFor all PYMNTS B2B and digital transformation coverage, subscribe to the daily B2B and Digital Transformation Newsletters.
\nThe post Bridge Raises $40 Million for Global Stablecoin-Based Payments Platform appeared first on PYMNTS.com.
\n", "content_text": "Bridge reportedly raised $40 million to support its efforts to build a stablecoin-based payments platform designed to simplify global money movement.\nThe funding brings the total amount the company has raised to $58 million, CoinDesk reported Friday (Aug. 30), citing a paywalled article by Fortune.\nThe startup has raised venture funding from Sequoia, Ribbit, Index, Haun Ventures and others, Ledger Insights reported Friday.\nBridge was founded by Zach Abrams and Sean Yu, according to the company\u2019s website. They previously founded Evenly, a peer-to-peer (P2P) payments company that was acquired by Square in 2013.\nThe company aims to create infrastructure that builders can use to take advantage of the ability of stablecoins to transform and improve global money movement, per the website.\n\u201cSince launching 18 months ago, we\u2019ve provided millions with faster and cheaper access to cross-border payments, enabled governments and aid agencies to more efficiently distribute funds to thousands, and given millions more true economic choice, enabling them to easily save and spend in USD or EUR,\u201d Bridge said on its website. \u201cAnd we\u2019re just getting started.\u201d\nSequoia said in a Thursday (Aug. 29) blog post that it led Bridge\u2019s Series A funding round, partnering with the company because it will \u201cusher in the next wave of payment innovation.\u201d\n\u201cZach, Sean and their team are making it possible for developers to seamlessly and instantly convert between any two dollar formats, with a single API,\u201d Sequoia said in the post. \u201cA company in Brazil can use Bridge to send USDC payments to their supplier in China, a consumer in Nigeria can pay for YouTube or ChatGPT, and a small business in the U.S. can take payments in PYUSD from customers around the world. Because Bridge is built on blockchains, it works 24/7, in virtually every country \u2014 and for as little as 10% of the cost of traditional foreign exchange rails.\u201d\nObservers are wondering whether stablecoins might serve as the best onramp for users to enter the digital asset space, PYMNTS reported Monday (Aug. 26). Stablecoins can be integrated into existing digital wallets, making them easy to use for those already familiar with mobile payments.\nFor all PYMNTS B2B and digital transformation coverage, subscribe to the daily B2B and Digital Transformation Newsletters.\nThe post Bridge Raises $40 Million for Global Stablecoin-Based Payments Platform appeared first on PYMNTS.com.", "date_published": "2024-08-30T13:00:57-04:00", "date_modified": "2024-08-30T13:00:57-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/06/stablecoins-1.jpg", "tags": [ "B2B", "B2B Payments", "Bitcoin", "Blockchain", "Bridge", "commercial payments", "cross-border payments", "Cryptocurrency", "digital transformation", "foreign exchange", "funding", "Global Payments", "Investments", "News", "PYMNTS News", "stablecoins", "startups", "What's Hot", "What's Hot In B2B", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2066805", "url": "https://www.pymnts.com/news/investment-tracker/2024/paytm-gets-india-blessing-invest-payment-services-unit/", "title": "Paytm Gets India\u2019s Blessing to Invest in Payment Services Unit", "content_html": "Paytm won approval from India\u2019s finance ministry to invest in its payment services operation.
\nThe company announced the approval Wednesday (Aug. 28) in a disclosure posted to its website. Paytm has faced scrutiny this year after being ordered to close its payments bank in January.
\nPaytm said it will now apply with the finance ministry to get back its payment services license.
\n\u201cWe remain committed to a compliance-first approach and upholding the highest regulatory standards,\u201d the company said in its letter. \u201cAs a homegrown Indian company, Paytm is focused on contributing to and advancing the Indian financial ecosystem.\u201d
\nPaytm has been struggling since the Reserve Bank of India (RBI) \u2014 the country\u2019s banking regulator and central bank \u2014 suspended business at Paytm Payments Bank, which had processed much of Paytm\u2019s payments.
\nThe RBI made the move after an audit uncovered \u201cpersistent noncompliances and continued material supervisory concerns,\u201d although the regulator had been warning for years about the questionable relationship between Paytm and its banking arm.
\nLast month, Paytm reported that its operating revenue slipped again in the quarter ending in June as it continued to wrestle with regulatory issues.
\nOperating revenue fell from 19.8 billion rupees (about $236 million) in the last quarter to 15 billion rupees (about $179 million). That was down from 23.4 billion rupees (about $279 million) in the same period a year ago.
\n\u201cThe full financial impact of the recent disruptions was seen during this quarter,\u201d Paytm said in an article on its website. \u201cWith green shoots visible across \u2014 growth in merchant payment operating metrics, gross merchandise value (GMV), accelerated merchant reactivation and an expanding merchant base, coupled with our continued focus on cost optimization \u2014 we remain optimistic about our revenue and profitability improvement.\u201d
\nThis year saw Paytm lose ground on India\u2019s Unified Payments Interface (UPI) to the likes of Google Pay and the Walmart-backed PhonePe.
\nThese companies are competing for consumer attention in a country that has been on a digital payments journey for the past 15 years, PYMNTS wrote in late 2023. PYMNTS Intelligence research showed that digital wallets are now the preferred payment method for more than half of all retail purchases in India, with 8 in 10 digital wallet users opting for UPI.
\nThe post Paytm Gets India\u2019s Blessing to Invest in Payment Services Unit appeared first on PYMNTS.com.
\n", "content_text": "Paytm won approval from India\u2019s finance ministry to invest in its payment services operation.\nThe company announced the approval Wednesday (Aug. 28) in a disclosure posted to its website. Paytm has faced scrutiny this year after being ordered to close its payments bank in January.\nPaytm said it will now apply with the finance ministry to get back its payment services license.\n\u201cWe remain committed to a compliance-first approach and upholding the highest regulatory standards,\u201d the company said in its letter. \u201cAs a homegrown Indian company, Paytm is focused on contributing to and advancing the Indian financial ecosystem.\u201d\nPaytm has been struggling since the Reserve Bank of India (RBI) \u2014 the country\u2019s banking regulator and central bank \u2014 suspended business at Paytm Payments Bank, which had processed much of Paytm\u2019s payments.\nThe RBI made the move after an audit uncovered \u201cpersistent noncompliances and continued material supervisory concerns,\u201d although the regulator had been warning for years about the questionable relationship between Paytm and its banking arm.\nLast month, Paytm reported that its operating revenue slipped again in the quarter ending in June as it continued to wrestle with regulatory issues.\nOperating revenue fell from 19.8 billion rupees (about $236 million) in the last quarter to 15 billion rupees (about $179 million). That was down from 23.4 billion rupees (about $279 million) in the same period a year ago.\n\u201cThe full financial impact of the recent disruptions was seen during this quarter,\u201d Paytm said in an article on its website. \u201cWith green shoots visible across \u2014 growth in merchant payment operating metrics, gross merchandise value (GMV), accelerated merchant reactivation and an expanding merchant base, coupled with our continued focus on cost optimization \u2014 we remain optimistic about our revenue and profitability improvement.\u201d\nThis year saw Paytm lose ground on India\u2019s Unified Payments Interface (UPI) to the likes of Google Pay and the Walmart-backed PhonePe.\nThese companies are competing for consumer attention in a country that has been on a digital payments journey for the past 15 years, PYMNTS wrote in late 2023. PYMNTS Intelligence research showed that digital wallets are now the preferred payment method for more than half of all retail purchases in India, with 8 in 10 digital wallet users opting for UPI.\nThe post Paytm Gets India\u2019s Blessing to Invest in Payment Services Unit appeared first on PYMNTS.com.", "date_published": "2024-08-28T11:30:29-04:00", "date_modified": "2024-08-28T11:30:29-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/12/Paytm-1.jpg", "tags": [ "india", "international", "News", "Paytm", "Paytm Payments Bank", "PYMNTS News", "RBI", "regulations", "Reserve Bank Of India", "What's Hot", "Investments" ] } ] }