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Octet secures increased $300m warehouse funding facility to support growing demand for supply chain finance

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Innovative supply chain finance and technology provider Octet today announced it had secured a $300 million warehouse funding facility via a fund managed by MA Financial Group (formerly Moelis Australia) and at least two other major Australian financial institutions, enabling it to meet growing demand amongst Australian businesses for alternate funding solutions, including trade and receivables finance.

The new facility is significantly larger than Octet’s previous warehouse funding lines and reflects growing interest from Australian corporates and SMEs alike in using supply chain finance as a tool for working capital management. Demand for these financing approaches is accelerating, from both domestic and international suppliers, particularly pureplay ecommerce firms, finding that traditional lenders will not give them funding to ride out economic disruption or invest in opportunities because they can’t offer physical securities. At the same time, regulatory initiatives such as the Payment Times Reporting Framework will likely spur additional funding demand from larger companies to accelerate cash flow.

Octet is one of the largest full-service supply chain financiers for SMEs in Australia, with more than 200,000 users in 72 countries now transacting on its innovative and secure platform. Octet supported more than $3 billion in supply-chain and trade finance transactions in FY21, recording a 40% YoY growth in transaction volumes, excelling through the COVID-19 effected period.

Octet Chief Commercial Officer, Brett Isenberg, said the new major funding facility would support growth and client funding flexibility in Octet’s trade and receivables financing portfolio and continued innovation in Octet’s market-leading supply chain technology.

“Managing cashflow has always been a key issue for businesses, particularly SMEs, but financing via the supply chain, as a means for releasing cash and managing working capital, has historically been poorly understood. Now, interest in Octet’s supply chain finance solutions is growing rapidly because companies can see that on cost, speed and service terms, our finance solutions stack up very favourably against traditional alternatives,” said Mr Isenberg.

“COVID accelerated the already exponential growth of ecommerce by forcing more businesses and consumers to move online. With the backing of MA Financial Group and other major financial institutions, Octet’s expanded facility positions us strongly to continue to power Australian businesses with their cash flow and growth ambitions.” he said.

Octet’s finance solutions include Trade Finance, for companies seeking to procure both internationally and locally from suppliers for goods and services prior to shipping; Supply Chain Finance options enabling established buyers of goods and services to pay their suppliers earlier or to access discounts; and Debtor or Receivables Finance, typically accessed by businesses across a wide range of industries as an advance on invoices payable.

Octet also offers a secure, full-service platform for suppliers and purchasers to transact, with advanced payment and real-time FX functionality and in-built protection against fraud and money laundering.

The company plans to launch an Octet-branded virtual corporate card within the next year.

Commenting on the warehouse funding agreement, MA Financial Group Investment Manager, Guy Kaufman said: “We are delighted to partner with Octet in this important initiative, which supports the working capital needs and growth ambitions of Australian businesses by offering innovative funding solutions. In light of current conditions, this is something that is arguably now more important than ever.”

The Payment Times Reporting Framework was introduced by the Federal Government in 2020. The Framework requires all companies with more than $100m in annual turnover to disclose the time taken on average to pay their suppliers’ invoices. The first report arising from the Framework, covering FY21, will be published on 30 September this year.

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Source: https://australianfintech.com.au/octet-secures-increased-300m-warehouse-funding-facility-to-support-growing-demand-for-supply-chain-finance/

Fintech

PNC cuts nearly 600 apps for BBVA conversion

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PNC cut nearly 600 apps during its $11.5 billion acquisition of BBVA, which closed in June. That’s roughly one app for each BBVA branch. Chief Executive Officer Bill Demchak said PNC retained only two BBVA apps when all was said and done. The $553.5 billion PNC converted approximately 2.6 million customers, 9,000 employees and nearly […]

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Source: https://bankautomationnews.com/allposts/retail/pnc-cuts-nearly-600-apps-for-bbva-conversion/

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State Street sees CRD tech acquisition pay off with 22% YOY revenue growth

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State Street saw 22% year-over-year growth in revenue from deployments of Charles River Development (CRD), a front-office software firm it acquired in 2018. The revenue growth was primarily related to professional services and its software-as-a-service (SaaS) offering, which together grew 18% YoY, Chief Financial Officer Eric Aboaf said during today’s third-quarter earnings call. The technology […]

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Source: https://bankautomationnews.com/allposts/business-banking/state-street-sees-crd-tech-acquisition-pay-off-with-22-yoy-revenue-growth/

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More Than $1.1 Billion Raised by 14 Alums Q3 2021

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For the third Q3 in a row, Finovate alums have raised at least $1 billion in equity funding. This year’s third quarter is consistent with both the amounts raised ($1.1 billion) and the number of alums securing investment (14) from the same quarter last year.

Interestingly, August continues to be a strong month for alum funding during the third quarter; for a third consecutive year, August investment has exceeded that of both July and September for our Finovate alums.

Previous Quarterly Comparisons

  • Q3 2020: More than $1.2 billion raised by 14 alums
  • Q3 2019: More than $1 billion raised by 21 alums
  • Q3 2018: More than $400 million raised by 19 alums
  • Q3 2017: More than $1 billion raised by 31 alums
  • Q3 2016: More than $500 million raised by 30 alums

The third quarter of 2021 also saw one company, DriveWealth, become far and away the biggest recipient of investment dollars, topping the second biggest fundraiser by 3x. Three companies, M1 Finance, Alloy, and AuthenticID, secured triple-digit investments of at least $100 million.

The top ten equity investments, in a quarter with fourteen total alum fundraisings, represented the lion’s share of Q3’s investment total. Approximately 90% of the quarter’s total funding was represented by Q3’s top ten investments.

Top Ten Equity Investments for Q3 2021

  • DriveWealth: $450 million
  • M1 Finance: $150 million
  • Alloy: $100 million
  • AuthenticID: $100 million
  • Ocrolus: $80 million
  • Paystand: $50 million
  • Sezzle: $30 million
  • Dwolla: $21 million
  • Moneyhub: $18 million
  • Capitalise.com: $13.8 million

Here is our detailed alum funding report for Q3 2021.

July 2021: More than $469 million raised by seven alums

August 2021: More than $476 million raised by five alums

September 2021: More than $180 million raised by two alums

If you are a Finovate alum that raised money in the third quarter of 2021, and do not see your company listed, please drop us a note at research@finovate.com. We would love to share the good news! Funding received prior to becoming an alum not included.


Photo by John Guccione www.advergroup.com from Pexels

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Source: https://finovate.com/more-than-1-1-billion-raised-by-14-alums-q3-2021/

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Pagaya and SoFi Team Up to Broaden Access to Financial Services for Borrowers

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A newly announced collaboration between AI-powered credit and analysis technology company Pagaya and personal financial services innovator SoFi will help more eligible consumers find and secure financing. The partnership will enable SoFi members to leverage Pagaya’s AI network to access a wider range of financial solutions in what Pagaya said is the largest deployment of its technology in the fintech space to date.

“We are excited to leverage SoFi’s sophisticated tech platform, strong brand, and consumer appeal to originate loans through Pagaya’s AI network,” SoFi CEO Anthony Noto said, “extending its business to a broader audience, so more people can access credit and achieve their financial goals.”

Pagaya’s technology and infrastructure enables financial institutions, including lenders and fintechs, to offer their customers access to financial products beyond those available via traditional credit models. Using both AI and machine learning, Pagaya lowers risk for lenders and helps them make better credit decisions. The goal is to provide a better, more positive experience for borrowers, and higher conversion rates for loan providers, as well as improving the overall credit ecosystem.

“As Pagaya grows, it is imperative that we partner with companies that share our vision of providing increased efficiency through our AI network for lenders and access for its customers,” Pagaya CEO and co-founder Gal Krubiner said. “Working with a company such as SoFi, we are able to apply our artificial intelligence in a way to not only help SoFi extend capital to more people, but do so in a way to create less risk for our partner. This creates a symbiotic, win-win-win ecosystem across all parties.”

Founded in 2016 and maintaining offices in Tel Aviv, New York, and Los Angeles, Pagaya became a public company earlier this fall in a $9 billion SPAC merger with EJF Acquisition Corporation. Earlier this month, Pagaya appointed former JP Morgan CMO Leslie Gillin to the post of Chief Growth Officer. Gillin arrives at a time when the company is looking to expand into new markets including personal and auto loans, credit cards, point-of-sale financing, single-family residencies, and more.

SoFi is an alum of our developers conference FinDEVrNewYork in 2017, which the company participated in with financial data platform Quovo. In the years since, SoFi has grown into a digital financial services giant with more than $50 billion in funded loans, and more than two million members who have paid off a total of more than $22 billion in debt. Additionally, the company recently has launched solutions such as SoFi Money and SoFi Invest which offer cash management (including early payday) and brokerage services, in a major expansion beyond its roots as online loan financing and refinancing innovator.

SoFi is a publicly traded company on the NASDAQ under the ticker SOFI and has a market capitalization of more than $16 billion. SoFi is headquartered in San Francisco, California.


Photo by Magda Ehlers from Pexels

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Source: https://finovate.com/pagaya-and-sofi-team-up-to-broaden-access-to-financial-services-for-borrowers/

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