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State Street to offer crypto services to private-fund clients

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Crowdfunding

Shares in MoneyLion to Trade on NYSE on September 23rd as SPAC Deal Approved

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MoneyLion Inc., a neo-bank Fintech that reports over 2.8 users and an annualized net revenue run-rate of over $150 million, will commence trading on the New York Stock Exchange tomorrow (September 23, 2021) as the SPAC deal is approved. Following a special meeting yesterday of Fusion Acquisition Corp. the deal was certified and shares of MoneyLion will trade under the ticker ML.

Dee Choubey, co-founder and CEO of MoneyLion, said this was an incredible milestone for his company:

“Taking this step to become a public company provides us with an incredibly strong balance sheet to accelerate our mission of using our digital financial platform to rewire the banking system and help more people take control of their finances and achieve their life goals. We are grateful for the support from our global team, our investors and everyone who helped us reach this moment, and we are excited for the future ahead.”

As was previously reported, the MoneyLion deal has a valuation of around $2.4 billion.  The combination is expected to provide approximately $450 million in cash to the Fintech thus providing a fair amount of growth capital.

John James, CEO of Fusion, stated:

“The MoneyLion team has positioned the business extremely well for future scale, and this transaction provides them with ample growth capital to expand their already broad suite of products and services, both organically as well as through strategic acquisitions. We look forward to partnering with Dee and his talented management team during their next phase of growth.”

MoneyLion’s new board of directors will be comprised of ten directors, nine of whom are independent directors. Non-executive Chairman John Chrystal, vice chairman of The Bancorp, Inc., will lead the Board with MoneyLion’s directors including former Ambassador Dwight Bush Sr., Greg DePetris, Matt Derella, Jeff Gary, Lisa Gersh, Annette Nazareth, former SEC Commissioner, Michael Paull, and Chris Sugden. The current management team will remain in place.

MoneyLion offers many banking services in a digital environment in partnership with MetaBank and investing with DriveWealth, LLC. MoneyLion also offers crypto, powered by Zero Hash, a key offering for younger consumers.

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Source: https://www.crowdfundinsider.com/2021/09/180716-shares-in-moneylion-to-trade-on-nyse-on-september-23rd-as-spac-deal-approved/

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Crowdfunding

Shares in MoneyLion to Trade on NYSE on September 23rd as SPAC Deal Approved

Published

on

MoneyLion Inc., a neo-bank Fintech that reports over 2.8 users and an annualized net revenue run-rate of over $150 million, will commence trading on the New York Stock Exchange tomorrow (September 23, 2021) as the SPAC deal is approved. Following a special meeting yesterday of Fusion Acquisition Corp. the deal was certified and shares of MoneyLion will trade under the ticker ML.

Dee Choubey, co-founder and CEO of MoneyLion, said this was an incredible milestone for his company:

“Taking this step to become a public company provides us with an incredibly strong balance sheet to accelerate our mission of using our digital financial platform to rewire the banking system and help more people take control of their finances and achieve their life goals. We are grateful for the support from our global team, our investors and everyone who helped us reach this moment, and we are excited for the future ahead.”

As was previously reported, the MoneyLion deal has a valuation of around $2.4 billion.  The combination is expected to provide approximately $450 million in cash to the Fintech thus providing a fair amount of growth capital.

John James, CEO of Fusion, stated:

“The MoneyLion team has positioned the business extremely well for future scale, and this transaction provides them with ample growth capital to expand their already broad suite of products and services, both organically as well as through strategic acquisitions. We look forward to partnering with Dee and his talented management team during their next phase of growth.”

MoneyLion’s new board of directors will be comprised of ten directors, nine of whom are independent directors. Non-executive Chairman John Chrystal, vice chairman of The Bancorp, Inc., will lead the Board with MoneyLion’s directors including former Ambassador Dwight Bush Sr., Greg DePetris, Matt Derella, Jeff Gary, Lisa Gersh, Annette Nazareth, former SEC Commissioner, Michael Paull, and Chris Sugden. The current management team will remain in place.

MoneyLion offers many banking services in a digital environment in partnership with MetaBank and investing with DriveWealth, LLC. MoneyLion also offers crypto, powered by Zero Hash, a key offering for younger consumers.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdfundinsider.com/2021/09/180716-shares-in-moneylion-to-trade-on-nyse-on-september-23rd-as-spac-deal-approved/

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Fintech

Extend Teams Up with Amex to Bring Virtual Card Solution to SMEs

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A new partnership between American Express and New York City-based fintech Extend will give small businesses in the U.S. new options when it comes to using and deploying virtual cards. Specifically, U.S. companies with eligible American Express Business Cards will be able to use Extend’s technology to enroll and create virtual cards in as little as five minutes.

American Express EVP for Global Commercial Services Dean Henry highlighted the increased use of virtual cards during the pandemic – and the continued interest companies have in using the technology to facilitate contactless payments. “With today’s announcement, our Business Cards can work even harder for our Card Members through this quick and easy virtual Card option,” Henry explained. “This gives our Card Members enhanced flexibility and control across their day-to-day business spending, including for B2B purchases and enabling their employees to pay for expenses.”

The statistics on virtual card use by businesses support Henry’s assessment. A study conducted by American Express indicated that 39% of U.S. businesses expect to increase their use of virtual cards over the next 12 months. American Express’s Global Business Spend Indicator noted seven benefits virtual cards offered businesses – not including touchless payment ability. These advantages included fast onboarding, flexibility and ease of use, spending controls due to the use of tokenization, better security and protection against fraud, streamlined expense reporting, automated card issuance, and the ability to earn rewards.

The two companies also noted in their partnership announcement that they planned to offer additional features and expand functionality in the future. Among the new functionalities anticipated is the ability to add American Express virtual cards to mobile wallets to facilitate in-store transactions.

“This market is rapidly growing as businesses realize just how versatile and effective virtual Cards can be,” Extend CEO Andrew Jamison said, “whether it’s managing subscription payments, equipping employees with secure company cards, or developing custom payment solutions with our APIs.”

Founded in 2017, Extend made its Finovate debut two years later at FinovateSpring in San Francisco, California. That same year, the Manhattan-based company raised $11 million in Series A funding in a round led by Point72 Ventures and the FinTech Collective, giving the firm a total capital of $14 million. More recently, the virtual card platform company forged partnerships with Mastercard and TSYS in the fall of 2020, and with City National Bank in January of this year.

American Express joined the Finovate alum club via its 2015 presentation at our developers conference FinDEVr Silicon Valley. At the event, members of the company’s engineering team discussed the evolving role of B2B payments in the e-commerce ecosystem, and how American Express was “bringing commercial payments to the cloud.”


Photo by Budgeron Bach from Pexels

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Source: https://finovate.com/extend-teams-up-with-amex-to-bring-virtual-card-solution-to-smes/

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Fintech

AI-powered chatbots: Evolution and expansion

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When Bank of America virtual assistant Erica was first introduced in 2018, it was lauded by industry analysts as the leading example of artificial intelligence (AI)-powered chatbots in banking. But like most technology, Erica is ever evolving. The $2.2 trillion bank is now deploying Erica as a digital assistant to support live chat agents in […]

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://bankautomationnews.com/allposts/retail/ai-powered-chatbots-evolution-and-expansion/

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