Nayax Ltd. has announced that it has commenced a global initial public offering of its ordinary shares to institutional investors. The offering in Israel is being made pursuant to a prospectus filed with the Israel Securities Authority which is expected to be approved. Nayax proposes to sell up to 44,000,000 of its ordinary shares in the offering, and three existing shareholders (the “Selling Shareholders”) propose to sell up to 19,500,000 of Nayax’s ordinary shares in the offering, collectively. The underwriters of the offering will also have a 30-day option to purchase up to an additional 9,525,000 ordinary shares from Nayax, at the initial public offering price. The initial public offering price is currently estimated to be between ILS 10 and 12 per share. Nayax intends to use the proceeds from the initial public offering for financing and expanding Nayax’s business activities in line with its strategy, including entry into new territories. Nayax will not receive any proceeds from the sale of the ordinary shares by the Selling Shareholders. Nayax has applied to list its ordinary shares on The Tel-Aviv Stock Exchange Ltd. under the ticker symbol “NYAX.”
There is no assurance the offering will be completed, the timing of its completion, or the terms thereof. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
MoneyLion Joins Forces With NFP to Provide Nationwide Insurance & Financial Wellness Offerings to Members
MoneyLion, a U.S.-based consumer digital finance platform, announced on Thursday it has teamed up with insurance broker NFP to provide its members with direct access to insurance and financial wellness offerings. MoneyLion reported that the offerings are to help its members support their financial journeys. According to MoneyLion, the partnership allows members to shop for and buy insurance products and solutions through the MoneyLion all-in-one financial platform.
MoneyLion also reported the launch of MoneyLion Marketplace, a platform that matches MoneyLion members with category-leading brands, offers, and value-add resources that are tailored to their personal needs. Dee Choubey, MoneyLion Co-Founder and CEO, shared more details about the partnership and marketplace launch by stating:
“Knowing what type and how much insurance to buy can be a daunting experience for many people, and yet it is a critical foundation for any financial plan. As a leader in digital technology, insurance underwriting and customer service, Nationwide is a natural fit to help our members evaluate the insurance options that are right for them.”
Brett Woodward, Managing Director of NFP Personal Risk, then added:
“Through this partnership, we’ll be able to leverage the MoneyLion Marketplace platform to connect the needs of clients with a range of solutions through an easy-to-use interface. This is a great combination of expertise, innovation and collaboration that delivers meaningful value to MoneyLion members.”
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U.S.-Based E-Commerce Platform Our Mayberry Secures $1.2 Million Through Convertible Note Seed Round
Our Mayberry, a U.S.-based e-commerce platform, announced on Thursday it raised $1.2 million through its convertible note seed round. According to Our Mayberry, investment groups from medical services and restaurant industries led the round. Founded in 2019, Our Mayberry describes itself as an online e-commerce platform that connects businesses and nonprofits to create mutually beneficial marketplaces where consumers can make purchases that support the causes they champion.
“A platform where causes and business partner to do great things!”
While sharing more details about the platform, Our Mayberry CEO, Shawn Tacey, stated:
“Our Mayberry gives businesses the ability to both scale and do good unlike any other platform or service. We process hundreds of thousands of dollars in transactions each month for service businesses like law firms, medical services companies and architects. Other values-driven platforms simply don’t include these types of businesses, but we do.”
Our Mayberry also reported that it is currently operating in 6 states, and has generated growing interest from national nonprofits, including Rotary International and Habitat for Humanity Tacey went on to add:
“Our Mayberry’s model represents the next step in the evolution of both business marketing and fundraising. We’re focused on weaving this new system of commerce into everyday life, and we believe this will go a long way in helping to rebuild and strengthen our communities.”
BRD’s Blockset unveils its white-label cryptocurrency wallet for banks and other enterprise clients
Blockset, the blockchain infrastructure platform for enterprises by BRD, announced early access to its Wallet-as-a-Service today. The white-label solution gives clients, like financial institutions, the ability to launch wallets that have the same features as BRD’s own mobile cryptocurrency wallet, which now has about 7 million users with over $20 billion assets under protection.
Blockset’s clients include some of the largest ATM networks and Japanese investment bank (and BRD investor) SBI Holdings, CoinFlip, Welthee, CoinSwitch, Coinsquare and Wyre. BRD’s other investors include Ripple and it has raised $56 million in funding so far.
One of Blockset’s selling points is access to real-time data about several kinds of cryptocurrencies. This not only allows users to see how their assets are performing, but also enables institutions to perform compliance tasks, fraud detection, anti-money laundering and other important services. Blockset also claims that its multi-chain API has up to 99.999% uptime.
The platform currently supports Bitcoin, Ethereum, Ripple, Tezos, Hedera, Bitcoin Cash and Bitcoin SV, and will add more chains based on customer demand.
Blockset already offered a white-label solution called WalletKit, before launching its current Wallet-as-a-Service with more features. BRD co-founder and CEO Adam Traidman compares its Wallet-as-a-Service to Google Maps, because both aggregate large amounts of constantly-changing data and can connect to other apps, while remaining user-friendly.
“The concept is really a result of learnings from working with our customers, tier one financial institutions, who need a couple things,” Traidman told TechCrunch. “Generally they want to custody crypto on behalf of their customers. For example, if you’re running an ETF, like a Bitcoin ETF, or if you’re offering customers buying and selling, you need a way to store the crypto, and you need a way to access the blockchain.”
“The Wallet-as-a-Service is the nomenclature we use to talk about the challenge that customers are facing, whereby blockchain is really complex,” he added. “There are three V’s that I talk about: variety, a lot of velocity because there’s a lot of transactions per second, and volume because there’s a lot of total aggregate data.”
Blockset also enables clients to add features like trading crypto or fiat or lending Bitcoin or Stablecoins to take advantage of high interest rates. Enterprises can develop and integrate their own solutions or work with Blockset’s partners.
Other companies that offer enterprise blockchain infrastructure include Bison Trails, which was recently acquired by Coinbase, and Galaxy Digital.
Blockset differentiates by focusing on real-time data. It looks at a smaller number of mainstream blockchains in order to ensure depth of information and speed.
“If you’re a financial institution, you can’t accept anything other than instant, accurate and highly-scalable kinds of data. Right down to the millisecond of latency is really important because it can give traders an advantage,” said Traidman.
In a press statement, Wyre chief executive officer Ioannis Giannaros said “Blockset is the clear industry leader in offering enterprise-grade SLAs [service-level agreements] that we require to guarantee high scalability, uptime and data integrity across multiple blockchains.”
Challenger FinecoBank Reports that UK Accounts Increased by 50% Since End of 2020
FinecoBank (BI:FBK), a Fintech that offers a single account with banking, trading, and investment services, says new accounts have jumped in recent months. According to a note from the bank current accounts have increased by approximately 50% from the end of 2020 to April 2021. The company did not disclose the total number of accounts.
In February, FinecoBank reported that current accounts had increased by 70% for the full year. The same report pointed to a presentation by FinecoBank sharing that the number of UK accounts is still quite small at just 10,900 as of January. FinecoBank stated that new UK current accounts in the first four months of 2021 – surpassed the annual 2020 total.
FincecoBank said they booked a net profit of €94.7 million for Q1 (+2.7% y/y) and gross operating profit of €144.5 million (+7.2% YoY).
The bank said its strategy to attract customers has been successful in the UK, as strong customer retention and loyalty have helped to drive the bank’s continued growth. Fineco said it is targeting experienced traders looking has boosted the bank’s retention rate, and now more than 70% of Fineco’s clients hold active current accounts on brokerage.
Paolo Di Grazia, Vice General Manager of FinecoBank stated:
“Fineco entered the UK market as we saw the need for a provider that could offer a number of financial services through a single digital platform. Our accelerating growth shows that our one stop solution works, and more and more Britons are finding the effectiveness of our approach. Our promise is to continue to build on our platform. With the recent addition of the Fineco ISA and more investment options, we’re able to provide our growing number of customers a stronger integrated offering.”
FinecoBank is listed on several exchanges and is based in Italy. FinecoBank entered the UK market in 2017. Fineco Asset Management was founded in Dublin in 2018.
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