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Brazil based Fintech Ebanx Appoints Company Co-Founder João Del Valle as New CEO



João Del Valle, Co-founder at Ebanx, is the new Chief Executive of the firm.

After working as COO for several years, preceded by nearly seven years as company CTO, Del Valle has now taken over the executive leadership of the Fintech firm, which was being led by Co-founder Alphonse Voigt for nearly a decade (since it was established in Curitiba, Brazil).

With this senior management change, Voigt will be serving  as the Head of the Board of Directors, as Executive Chairperson, and Wagner Ruiz, also a company Co-founder, is now the Chief Risk Officer, leaving the CFO role to the newly appointed Alexandre Dinkelmann, the former executive in the Brazil-based BTG Pactual and TOTVS.

As COO, Del Valle led key initiatives for the Fintech firm’s business expansion, like the ensemble of the international commercial team, the deployment of 50 new integrations and payment methods within the firm’s B2B solutions portfolio (last year), and the Push LatAm, a project that aims to establish EBANX business operations in various other Latin American (LatAm) countries, including in Central America and the Caribbean.

Del Valle stated:

“EBANX has a unique story and it will be a privilege to lead this next chapter. Our vision of being the best payment provider in Latin America is growing stronger, and always fueling the urge to innovate. The path we want for EBANX is very clear for the three of us, co-founders: focus on the mission of providing access in Latin America, through technology, speed, consistency and quality of execution.” 

Voigt has been EBANX‘s Chief Executive since the launch of the firm which, during his time as CEO, surpassed the market value of $1 billion, notably becoming the first unicorn in Brazil’s southern region.

Now, as Executive Chairperson, Voigt will be in charge of the firm’s strategic expansion efforts.

Voigt remarked:

“The big dream got even bigger and from now on I take on this new position, helping to envision the next decade of EBANX. And João, our new CEO, is an example of dedication, focus and result orientation. He has a unique capacity to keep the company growing exponentially while projecting our future.”

Alexandre Dinkelmann, who has now been appointed CFO, will continue the work of Wagner Ruiz, who will now be tasked with the firm’s risk management, strategic partnerships and regulatory issues – which are all key in driving the growth of EBANX.

Ruiz added:

“Alexandre’s arrival brings us even more robustness, capacity and talent to maintain the pace of growth and adapt our financial sector to the new moment that EBANX will experience.”

Dickelmann brings his extensive experience working as CFO at TOTVS and Even Incorporadora, along with his previous experience at BTG Pactual and also his role as a Co-founder of the Onyo platform.

The new EBANX senior management team aims to consolidate the company as a key payments service provider in Latin America.

EBANX will further expand its operations that have provided access to over 70 million Latin American consumers to the biggest global brands, like Uber, Spotify, AliExpress and SHEIN.

Del Valle also mentioned:

“These changes arrive in line with our goals for the next decade. Our success depends on the success of customers in the region and this is our focus. We remain even stronger and more structured to establish the leadership of Latin America in the global market and the leadership of EBANX in the world of payments and technology.” 

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European Banking Authority Releases Report on Data Provided by PSPs on SCA Compliance Readiness



The European Banking Authority (EBA), a regulatory body of the European Union that’s headquartered in Paris, released a report, earlier this week, on the data offered by payment service providers (PSPs) on their readiness to apply strong customer authentication (SCA) for the set of payment transactions that are digital commerce card-based transfers.

The EBA‘s report covers that the status of issuing and acquiring PSPs in signing up or enrolling online merchants, payment cards and payment service users (PSUs) into SCA-compliant services, and in requesting SCA for digital payment transactions after 31 December 2020 (when the SCA migration period concluded).

The EBA reportedly tracked the ongoing progress made by issuing and acquiring PSPs from September 2019 to April 2021 by monitoring different indicators that were specified in the EBA Opinion of 2019 on the deadline for the migration to SCA compliance for digital commerce card-based payment transfers.

Based on the data obtained from those PSPs, the EBA found that considerable progress was made when it comes to SCA -compliance.

The EBA report reveals that 99% of EU merchants can now offer support for SCA; 94% of all payment cards in the European Union are currently SCA-enabled; 82% of all PSUs have now been enrolled into an SCA solution; 92% of digital commerce card-based authentication requests reported by acquirers are now compliant with the SCA standards; and 87% of initiated e-commerce card-based payment transactions reported by issuers are now compliant with the SCA guidelines.

This progress has also come at a time when there has been a considerable reduction of the volume and value of fraudulent digital commerce card-based payment transfers in the EU during the same period.

The Report from the EBA also mentioned that there are still PSPs in certain areas that are behind others in supporting SCA on their payment channels, enrolling PSUs to SCA-compliant authentication services or carrying out SCA-compliant transactions.

The regulatory technical standards (RTS) on SCA and common and secure communication (CSC) provide the updated security guidelines under the revised Payment Services Directive (PSD2) and have been effective as of September 14, 2019.

These standards were released in order to lower the risk of payment fraud and also to ensure the safety of payment service users’ money and personal information.

In June 2019, with its Opinion on the SCA elements (EBA-Op-2019-06), the EBA has issued, on an exceptional basis, supervisory flexibility for national competent authorities (NCAs), not to enforce the RTS on SCA&CSC to allow issuing and acquiring PSPs to migrate to SCA-compliant approaches and solutions for digital commerce card-based payment transactions.

The Opinion on the deadline for the migration to SCA compliance for e-commerce card-based payment transactions (EBA-Op-2019-11) set the deadline for said supervisory flexibility to  December 31, 2020. It also laid out the actions that were to be taken by NCAs, and issuing and acquiring PSPs, during that particular time period.

The Opinion also supported the EBA in its efforts to prepare a Report on the current status of SCA-compliance by issuing and acquiring PSPs – which was reportedly based on consolidated information from PSPs via their NCAs.

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SEC: Gensler Selects Renee Jones as Director of CorpFin, John Coates as General Counsel



SEC Chairman Gary Gensler has selected Renee Jones as the Director of Corporate Finance and John Coates as General Counsel.

Jones is a Professor of Law and Associate Dean for Academic Affairs at Boston College Law School. Previously, she represented private and public companies on corporate and securities matters at Hill & Barlow law firm.

Jones is a member of the American Law Institute and has served as the Co-Chair of the Securities Law Committee of the Boston Bar Association. She received an undergraduate degree from Princeton University and a J.D. from Harvard University.

Coates has served as the SEC’s Acting Director of the Division of Corporation Finance since February 2021. Before joining the SEC, he served as the John F. Cogan Professor of Law and Economics at Harvard University, where he also was Vice Dean for Finance and Strategic Initiatives.

Previously, Coates was a partner at Wachtell, Lipton, Rosen & Katz, specializing in mergers and acquisitions and financial institutions. During his prior service on the SEC’s Investor Advisory Committee, he chaired the Investor-as-Owner Subcommittee. Coates received his Bachelor of Arts with the highest distinction from the University of Virginia and his law degree from New York University Law School.

Gensler said that Joines brings deep expertise in corporate governance and securities law to the Division of Corporation Finance:

“Her leadership will be invaluable as the Division facilitates disclosure under our current rules and undertakes rule modernization to meet the challenges of today. I am pleased to welcome Renee to the SEC and look forward to working with her.”

He said that he has come to rely upon Coates’s deep expertise and judgment, traits that are essential in the role of General Counsel.

Both appointments are effective June 21, 2021.

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Founder-First VC Meron Capital to Invest $50 Million in Israeli Deep-Tech Startups Including Fintechs



Founder-first VC Meron Capital on Monday announced the close of its $50 million second fund Meron II.  The second fund will invest in 18-20 early-stage deep-technology software startups led by Israeli entrepreneurs.

According to a note from the company, the fund will focus on startups that are building software-based solutions for enterprise, cybersecurity, digital health, Fintech, and DevOps amongst others.

Liron Azrielant, Managing Partner at Meron said in a press statement:

“We see ourselves as a startup investing in startups  – we are creative, scrappy and move fast. We share the same spirit as our founders and that’s why we founded our own firm and chose to face the challenges of being emergent in a market of incumbents.”

Meron Capital team works with talented founders, helping them ideate their early conceptions and build out their teams.

Meron Capital had launched its first fund in 2017 and has so far invested in 16 startups with four successful exits –AIOps startup Loom Systems was acquired by ServiceNow, API integration platform Reshuffle was acquired by Twitter, digital health company Clear Genetics was purchased by Invitae and IoT startup Axonize was acquired by Planon. About 10 have raised bigger up rounds.

Meron II has already invested in four companies; LendAI, operating in the market of mortgage lending, where Meron was joined by Israel’s third-largest bank, Sorbet, the first PTO clearinghouse, in a deal they closed together with Viola, Firmbase, a Fintech startup in which top angels have invested, and Laminar, the first Data Protection platform for cloud-native applications, where they invested alongside TLV Partners and Insight Partners.

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European Fintech Adyen expands operations in the U.S market



Amsterdam-headquartered Adyen (AMS: ADYEN) is on an expansion spree. After entering the Middle East market, the company has now received a banking branch charter in the United States to establish a Federal Foreign Branch, the company said.

Banking licensing overseer, the Office of the Comptroller of the Currency (OCC), has approved Adyen last month to expand its operations in the United States. The company offers end-to-end payment infrastructure in the European markets and has offices across the globe. Some of its top clients are Facebook, Uber, Spotify, and Microsoft.

Commenting on the development, Adyen’s Co-Founder and Chief Executive, Pieter van der Does, said:

“This license was a logical next step for Adyen and one that has long been on the horizon. I’m excited to see this positively impact our merchants operating in the US. We’re well-positioned to help them grow.”

In May 2021, Adyen acquired approval from the Monetary Authority of Singapore (MAS). The permit allows Adyen to perform merchant acquisition services under the Payment Services Act 2019 (PSA).

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