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Australia’s first virtual card technology of its kind secures a further $1.7 million in Series A funding

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DiviPay, Australia’s first all-in-one virtual corporate card and expense management platform, has announced a second instalment of $1.7 million in its Series A funding round led by ANZ Bank’s venture capital arm, ANZi.

Founded in 2017 by CEO Daniel Kniaz and CTO Russell Martin, DiviPay enables finance teams to better manage, control and streamline spending across their organisation.

DiviPay solves a common pain point for small and large businesses alike: issuing corporate cards to staff while staying in control of spending and collecting receipts and accounting data. DiviPay enables businesses to instantly issue virtual corporate Mastercards to employees to make online and in-store purchases via Apple Pay – the first business of its kind to do so in Australia – and Google Pay. Businesses control spending through pre-approved budget limits, smart payment rules that lock cards to approved amounts and merchants, and live transaction feeds. Businesses can also automate their expense management: once a transaction occurs, DiviPay automatically creates and populates an expense report with details such as merchant data, GL codes and budgets, and exports the information into the business’s accounting system.

Its recently launched feature, Automatic Bill Payments, enables organisations to extract, code, approve and automatically pay bills from the DiviPay platform, as well as instantly send remittance advice to suppliers. DiviPay integrates with an organisation’s accounting software to automatically turn invoices into bills, saving finance teams hours per week on manual invoice data entry. Organisations can set scheduled payment dates as well as approval rules, based on its suppliers, invoice amounts and budgets, enabling staff to process their own bills autonomously. The seamless integration of its virtual card technology and invoice payments has ensured DiviPay is the first all-in-one business spend management platform of its kind in Australia.

Today, DiviPay has issued more than 20,000 virtual cards to 7000-plus users and more than 650 customers. Its customers range from small businesses such as consultancies and trades, to not-for-profits and large organisations with 500-plus employees. Customers include Western Sydney University, Xero, Canva, Michael Hill and the Autism Association of WA. Businesses have used the DiviPay platform to process $45 million in business payments – including $24.3 million spent in 2020 alone. DiviPay won Emerging App of the Year at the Xero awards in 2019, and soon after launched DiviPay Rewards to give customers discounts from Google, Canva, Shopify and Amazon Web Services, among others.

In 2016, Daniel and Russell attracted $100,000 in funding for DiviPay from H2 Ventures when they joined its fintech accelerator program. In September 2019, DiviPay received a first instalment of $2.3 million in a Series A funding round from a consortium of investors led by ANZi and which includes Seed Space ventures and former Pepper Money CEO Patrick Tuttle. The funding enabled DiviPay to build its engineering team and execute its product vision.

Recently, the investment was topped by an additional $1.7 million as part of the same funding round, bringing the total investment to date to $4 million. The funding will allow DiviPay to build its marketing, sales and engineering teams, and ensure it has the resources needed to grow and broaden its customer base.

Daniel Kniaz, DiviPay CEO, says: “Up until this year, DiviPay’s customer growth has been mainly through word of mouth. We have built strong advocates of our product because we involved customers in our business journey and truly built a product that solves a common problem. This year, we plan to attract larger customers and will continue to grow our non-profit customer base. Not-for-profits are a sector in need of our product, as their budgets are tight, they have a short reconciliation cycle, and they are unable to get cards from traditional providers. One not-for-profit that we worked with used to drop-off envelopes of cash to their caregivers. Now they save hours by instantly issuing virtual corporate cards while tracking every dollar spent from our intuitive online platform.”

Ron Spector, ANZi Managing Director and DiviPay board member, says: “We are pleased to continue to support DiviPay as they move to their next stage of growth. DiviPay delivers an innovative solution for a major pain-point for businesses of all sizes and aligns with ANZi Ventures’ mission to invest in and partner with leading Fintech companies that support solutions for ANZ customers, bankers and partners.”

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Source: https://australianfintech.com.au/australias-first-virtual-card-technology-of-its-kind-secures-a-further-1-7-million-in-series-a-funding/

Fintech

Data held for ransom: Financial institutions could be at risk from ransomware

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Ransomware seems to be everywhere, and banks and financial institutions are at risk of attacks like those last week on a major natural gas pipeline and the release of sensitive information stolen from the Washington D.C. Police Department. At its core, ransomware is malicious software that can be used to encrypt an organization’s data and […]

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Source: https://bankautomationnews.com/allposts/secur-risk/data-held-for-ransom-financial-institutions-could-be-at-risk-from-ransomware/

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Fintech

Banks turn to RPA to automate collections, compliance and core conversions

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Banks are turning to robotic process automation (RPA) to automate collections, make core transitions and help with fraud and anti-money laundering compliance (AML) this year. Banks are automating loan collections because they’re anticipating a wave of loan defaults as COVID-related restrictions on collections expire, said Amit Kumar, vice president of financial services at RPA provider […]

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Source: https://bankautomationnews.com/uncategorized/banks-turn-to-rpa-to-automate-collections-compliance-and-core-conversions/

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Wise Integrates With Google Pay to Allow U.S. Users to Transfer Funds to India & Singapore

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Fintech Unicorn and stealth bank Wise announced on Tuesday it has integrated with Google Pay to allow U.S. users to transfer funds to friends and family in India as well as Singapore. Wise reported that through the integration, all Android and iOS Google Pay users in the U.S. may send money to another Google Pay user in India or Singapore.

“Later this year, we’ll work with Google to expand the integration and allow US Google Pay users to pay friends and family in the 80+ countries that Wise already sends to. So, the next time you need to send money overseas to family and friends, just Wise it over from Google Pay. It’ll be cheap, fast, and transparent.”

To send money with Wise in Google Pay:

  1. Update your GPay app to the latest version: Android or iOS
  2. Search for the person to send money to in the GPay app
  3. Click on Pay and select Wise
  4. Create a Wise account, or log in if already a Wise user
  5. Select the amount and currency to send
  6. Choose recipient from the list of past recipients or enter their bank details if this is the first time sending money to this person
  7. Pay using any debit card or credit card stored in GPay Wallet
  8. Users may track their money by clicking Check Status in the GPay chat you have with their recipient

Founded in 2011, Wise now has more than eight million customers and has moved over $5 billion every month, saving them $4 million in bank fees every day. And Richard Branson, and PayPal founders Max Levchin and Peter Thiel, among others, have invested in the company. Wise, which was originally Transferwise, rebranded earlier this year. Kristo Käärmann, Co-Founder and CEO of Wise, revealed in a blog post at the time that the rebranding is to show customers that the platform is more than just for money transfers.

Ten years ago, Taavet and I set out to fix international money transfers for all of us who’d been overcharged and underserved by banks. We named our idea ‘TransferWise’ — because our early customers were ‘wise’ to know their banks were charging hidden fees in exchange rate markups. We set ourselves a mission to make money work without borders — to make money move instantly, transparently, conveniently, and — eventually — for free. Now, we’re a community of 10 million like-minded people and businesses managing money all over the world, saving billions and fighting as hard as ever against hidden fees.”

Käärmann went on to add the core experience of using Wise will remain faster, cheaper, and more convenient than anything else. The company’s mission remains the same, and is still making money work without borders.

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Source: https://www.crowdfundinsider.com/2021/05/175238-wise-integrates-with-google-pay-to-allow-u-s-users-to-transfer-funds-to-india-singapore/

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Crowdfunding

Affirm’s Fiscal Year 2021 Third Quarter Results Reveals: Year-Over-Year Gross Merchandise Volume Growth to 83%; Increases Active Consumers By 60% Year-Over-Year

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U.S.-based buy now pay later fintech Affirm announced on Tuesday the financial results of its fiscal 2021 third quarter, which ended on March 31, 2021.  According to Max Levchin, Founder and CEO of Affirm, the company’s third-quarter results reflect on the continuous progress towards its goal of becoming the most valuable and transparent financial network for consumers as well as merchants.

During the period, we more than doubled the number of merchants on our platform, accelerated GMV growth to 83%, and increased active consumers by 60% year-over-year.”

Third Quarter of Fiscal Year 2021 Operating Highlights include:

  • Gross merchandise volume (GMV) for the third quarter of fiscal 2021 was $2.3 billion, an increase of 83%, or 100% excluding Peloton, compared to the third quarter of fiscal 2020
  • Active merchants more than doubled to nearly 12,000 from March 31, 2020 to March 31, 2021
  • Active consumers grew 60% to 5.4 million from March 31, 2020 to March 31, 2021
  • Transactions per active consumer were approximately 2.3 as of March 31, 2021, an increase of 10% when compared to March 31, 2020

Third Quarter of Fiscal Year 2021 Financial Highlights include:

  • Total revenue was $230.7 million, a 67% increase when compared to the third quarter of fiscal 2020, driven primarily by increases in network revenue and interest income, related to growth in GMV and loans held for investment, respectively. Total revenue includes a $3.5 million reduction to revenue recorded in relation to the estimated financial impact of Peloton’s voluntary recall of its Tread+ and Tread products
  • Total revenue less transaction costs1 was $133.7 million, compared to $9.3 million in the third quarter of fiscal 2020, primarily as a result of the strong revenue growth; third quarter of fiscal 2021 transaction costs included an $83.3 million year-over-year decrease in provision for credit losses driven by an improved credit outlook
  • Operating loss was $169.5 million compared to $81.5 million in the third quarter of fiscal 2020, and includes a $131.8 million increase in stock-based compensation following our January 2021 initial public offering
  • Adjusted operating income for the third quarter of fiscal 2021 was $4.9 million, compared to the adjusted operating loss of $70.7 million reported in the third quarter of fiscal 2020
  • Net loss for the third quarter of fiscal 2021 was $247.2 million compared to $85.6 million in the third quarter of fiscal 2020, and includes the increase in stock-based compensation following the IPO as well as a $78.5 million adjustment to reflect the change in fair value of the contingent consideration liability associated with our acquisition of PayBright Inc., driven by changes in the value of our common stock

Affirm also reported that upon exiting the third quarter, it began to see GMV growth accelerate in categories with pent-up demand, such as Travel and Ticketing, which grew by more than 50% from the third quarter of fiscal 2020 and nearly tripled from the second quarter of fiscal 2021. Last month, Affirm began to scale its onboarding of merchants related to its partnerships with Shopify. In regards to upcoming quarter predictions, Levchin added:

We expect this number to significantly increase as we move towards general availability in June. Looking ahead, we believe the strengthening health of the consumer, Affirm’s deep and diverse merchant partnerships, and our unrivaled technology will position us to capture a substantial share of our expanding market opportunities. We are just getting started and we look forward to demonstrating the full power of Affirm as the economy continues to reopen.”

As previously reported, Affirm is a point of sale credit provider that is currently working with more than 5,000 merchants, including Article, Joybird, West Elm, and Shopify. The company’s goal is to provide shoppers with an alternative to expensive credit cards at the point of sale, giving them the flexibility to buy now and make simple monthly payments for their purchases. Affirm reported it has raised more than $1.3 billion from investors to date.

The company recently announced it has acquired Returnly, online return experiences, and post-purchase payments platform, for approximately $300 million. Affirm completed the acquisition on May 1, 2021. Full third-quarter financial results can be found here

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Source: https://www.crowdfundinsider.com/2021/05/175230-affirms-fiscal-year-2021-third-quarter-results-reveals-year-over-year-gross-merchandise-volume-growth-to-83-increases-active-consumers-by-60-year-over-year/

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