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CORE Launches New Metals Services Platform




CORE Industrial Partners has formed Incodema Holdings to acquire sister-companies Incodema, a sheet metal services provider, and Newchem, a provider of photochemical etching services.

Incodema provides sheet metal cutting and forming services including laser, micro waterjet, stamping, and welding.

The company has capabilities with aluminum, steel and stainless steel, copper, brass, bronze, and other exotic metals. Incodema was founded in 2001 and is headquartered in Ithaca, New York.

Newchem (DBA Newcut) is a provider of photochemical etching services on a range of metals including aluminum, copper, beryllium, steel and stainless steel, and other exotic metals such as Inconel 625 (a nickel-chromium-based alloy). The company’s services are used in the manufacturing of encoders, EMI/RFI shields, screens and filters, shims and washers, and metal signage that are used in the aerospace, automotive, architectural, decorative, electronics, medical, dental, and military sectors. Newcut was founded in 1970 and is headquartered near Rochester in Newark, New York.

“On behalf of employees at both Incodema and Newcut, we’re excited to begin this new chapter,” said Sean Whittaker, the CEO and founder of both Incodema and Newcut. “For decades, Incodema and Newcut have successfully married industry-leading capabilities with a customer-centric orientation that allows us to devote attention to every one of our valued clients. Now, with CORE’s support, we’ll be able to expedite our exciting growth initiatives while preserving our outstanding customer service.”

“Our investments in Incodema and Newcut underscore CORE’s continued desire to not only invest in advanced digital manufacturing firms that align with Industry 4.0 fundamentals, but also to do so in partnership with founders and family owners,” said John May, managing partner of CORE. “We believe access to CORE’s network and resources will prove highly impactful in both augmenting the company’s existing operations and adding new capabilities and geographic reach.”

CORE makes control investments in companies that have revenues of up to $200 million, EBITDA of up to $20 million, and enterprise values up to $150 million. Sectors of interest include a range of specialty verticals within the manufacturing and industrial technology sectors. In February 2019, the firm held a final close of CORE Industrial Partners Fund I LP with total commitments of $230 million. The new fund was significantly oversubscribed with demand in excess of the initial target of $200 million and initial hard cap of $225 million. CORE was founded in 2017 and is headquartered in Chicago.

“The company’s differentiated technical capabilities and demonstrated track record of effectively transitioning from prototype to production with a leading customer base are especially compelling drivers of our investment,” said Matthew Puglisi, a partner at CORE. “We are looking forward to working with the Company’s talented management team to execute on a variety of near-term, transformational growth opportunities.”

Stifel’s technology group was the financial advisor to Incodema and Newcut.

Private Equity Professional | July 31, 2020

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Westpac hires Scott Collary as new COO




Westpac has announced the appointment of Scott Collary as its new chief operating officer.

Scott Collary Westpac

Scott Collary, Westpac

Collary joins the bank from Bank of Montreal in Canada. His prior role was as chief information and operations officer for North American personal and business banking.

He also spent two years as chief information officer at ANZ, and six years as chief information officer at Citigroup North America.

Collary is due to commence his role later this year, subject to regulatory approvals.

“Scott has extensive experience working in senior financial services roles leading large global teams,” says Peter King Westpac group chief executive.

“He has a proven track record of delivering large-scale transformation programs at major international banks that improve operating and technology performance.”

Westpac has also taken the opportunity to announce the departure of group executive Gary Thursby.

Thursby has spent 13 years at the bank, and over the last nine months worked as group chief financial officer. Prior to that he held roles as chief strategy officer, and chief financial officer for financial services.

“Gary has made a significant contribution across a broad range of roles, as well as running enterprise services and more recently acting CFO,” says King.

“He has been instrumental in developing the organisation’s strategy, including Westpac’s fintech investments, as well as overseeing the implementation of open banking and driving efficiencies in the bank’s operations.”

Related: Regional Australia Bank approves first Aussie open banking loan


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Bitcoin options market shows it is “open air” for BTC after $14,000




Bitcoin is currently caught within another bout of sideways trading as its price hovers within the upper-$11,000 region.

This trend comes close on the heels of the strong multi-week upswing that allowed it to climb from lows of $9,000 to highs of $12,100 that were set yesterday evening.

The lower-$12,000 region has been established as a strong resistance zone for the benchmark digital asset.

Last Saturday, BTC faced a harsh rejection at this level that led it to lows of $11,000. Yesterday, it faced yet another rejection at this level, although its price only dipped as low as $11,700.

One occurrence within the options market shows that the cryptocurrency’s mid-term outlook remains incredibly bright despite its inability to break $12,000.

If Bitcoin can push higher and eventually surmount $14,000, it’s open skies until it reaches its all-time highs of $20,000.

Options market places an 11% chance on Bitcoin reaching $20k by December of 2020 

Bitcoin has been climbing higher ever since its price bottomed out at $3,800 in mid-March.

After rallying as high as $10,500 in May, it entered into a multi-month consolidation phase that would ultimately result in a breakout rally that led it up to its recent highs of $12,100 that were set yesterday evening.

Despite not being able to break above $12,000, the strength of Bitcoin’s multi-month uptrend doesn’t appear to be faltering.

The options market, however, still thinks the benchmark cryptocurrency will end the year below its all-time highs of $20,000.

According to data from analytics platform Skew, the current probability of BTC trading at, or above, $20,000 by the end of December is 11%.

Data Source: Skew

While looking towards March of 2021, this probability jumps to nearly 15% but remains rather low.

Here’s the key level BTC needs to break to push significantly higher

While looking towards Bitcoin’s options market’s open interest by strike price, there is a significant gap between $14,000 and $20,000.

This suggests that the crypto may not face too much resistance within this price region, making a clean break above $14,000 vital for BTC to have a chance at setting fresh all-time highs in the coming few months.

Kyle Davies – co-founder of Three Arrows Capital – spoke about this in a recent tweet, saying:

“BTC air above $14k up to $20k.”

Image Courtesy of Kyle Davies

Watching Bitcoin’s reaction to $12,000 should provide some significant insights into the cryptocurrency’s macro trend.

Bitcoin, currently ranked #1 by market cap, is down 1.66% over the past 24 hours. BTC has a market cap of $217.59B with a 24 hour volume of $23.91B.

Bitcoin Price Chart

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UK fintech VibePay launches business accounts




VibePay, a UK social payments fintech, has launched a business account offering. It’s designed for Gen Zers who earn money through social channels or platforms like Depop.

VibePay logo

VibePay has 50,000 users

The fintech – which launched last October – has also integrated with a host of new banks, including Starling, Capital One and Tesco. This puts its bank partner list at 24.

New business offering

Its new business offering, which works similarly to its consumer-facing app, claims to have no fees. The main difference is that small businesses will get access to a transaction dashboard to track their cashflow.

VibePay has 50,000 users, many of whom are consumers turned social entrepreneurs. Developing a business offering was a natural progression for the fintech.

App updates

VibePay is also revealing a new version of its app. It will allow all users to send personalised payment URLs called “” links.

The start-up has also launched Vibe ID, which acts like an online passport to link users’ different bank accounts when they’re spending online.

QR codes are live in the app too, and VibeTickets has been fully integrated with the app. This is part of the fintech’s migration of its sister company’s 80,000 users, following the redirection of VibeGroup from tickets to payments.

VibePay advert

Gen-Zers use VibePay over PayPal to avoid excessive fees and delays in receiving funds

Founder and CEO Luke Massie says the “new app is the culmination of months of work”.

VibePay’s niche in the market

VibePay is – put simply – designed for those who want to get paid. Massie calls them ‘insta-preneurs’ – those that might have a day job, but also make up extra cash with side hustles.

These insta-preneurs use VibePay over PayPal to avoid excessive fees and delays in receiving funds.

Because VibePay uses open banking, users can get paid instantly whilst avoiding fees which cut into their margins. “We don’t care who you bank with,” Massie told FinTech Futures in May.

VibePay charges companies who use its business-to-business (B2B) offering, rather than direct users. Those businesses get a payment solution and “targeted” insights into Generation Z.

Future plans

Looking ahead, the fintech wants to build out its merchant offering, hoping to land a heavyweight investor like Octopus Ventures in its imminent Series A.

Octopus Ventures led Depop’s last funding round, and could open up some big doors for the start-up.

It is also looking at the world of gaming as a means for expansion, a space fellow challengers abroad have invested in to boost user engagement.

Read next: How VibePay is quietly changing the UK fintech Twitter game


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