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Luge Capital Grows to $85M, Adding iA Financial Group and BDC Capital as New Investors

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Luge Capital announced that iA Financial Group and BDC Capital have invested in the fintech-focused venture capital (VC) fund, bringing the total size to $85 million.

Luge Capital works with early-stage companies and a network of leading financial institutions to help build the next generation of financial services. iA Financial Group  ($187 billion AUM/ AUA) and BDC Capital (over $3 billion AUM) are added to the current set of fund investors: Desjardins (largest federation of credit unions in North America), CDPQ (over $300 billion AUM worldwide), Sun Life Financial ($1 trillion AUM), La Capitale ($2.4 billion in revenue) and Fonds de solidarité FTQ ($15.6 billion AUM).

Investing in Luge Capital is a great way for iA Financial Group to identify promising startups with whom we can collaborate and further our own mission for innovation,” said Pierre Miron, E.V.P. Information Technologies at iA Financial Group. “The financial services industry is rapidly changing as customer needs change, and we are eager to play a key role in the transformation to better serve our customers.”

Also joining Luge Capital’s fund is BDC Capital, the investment arm of BDC, Canada’s only bank devoted exclusively to entrepreneurs. “We believe David Nault and Karim Gillani have the potential to build a strong franchise here, and we particularly like that they’ve brought in institutional investors that are new to venture capital,” said Jérôme Nycz, Executive Vice President, BDC Capital. “BDC Capital’s commitment to Luge aligns with our goals to support promising fund managers in Canada and to attract strategic and corporate partners to participate in the venture capital asset class, as well as the FinTech sector.”

Business and consumer needs are rapidly changing as are their preferences in how they interact with financial services. Every sector of financial services is being transformed by technology and large financial institutions are looking to adapt quickly to those changes to serve their customers even better.

Our portfolio companies actively engage with our fund investors, trade ideas on industry trends, and work towards commercial partnerships,” added Karim Gillani Co-Founder and General Partner at Luge Capital and former Corporate Development executive at PayPal. “The backing of iA Financial Group and BDC Capital strengthens our value as venture investors, and better positions Luge to support globally minded entrepreneurs.”

Our investors, network of financial institutions and experienced team help us help companies. Over the last year, we’ve developed a collaboration playbook for early stage fintech companies to work with financial institutions and it’s proving to work well,” said David Nault, Co-Founder and General Partner at Luge Capital. “The addition of iA Financial Group and BDC Capital to the Luge investor base allows us to expand our reach and deepen our ties to industry leaders.”

 

SOURCE Luge Capital

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Banxso Ignites South African Trading Scene with Inaugural Tour de Banxso

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CAPE TOWN, South Africa, March 19, 2024 /PRNewswire/ — Banxso, a prominent player in the online trading world, has successfully launched the Tour de Banxso, South Africa’s latest trading spectacle, set to revitalize the financial trading community. This highly anticipated event, running from February 15 to May 15, 2024, promises participants 90 days of unparalleled trading excitement, marrying the thrill of the market with the grandeur of classic racing.

Authorized and regulated by the South African Financial Sector Conduct Authority, Banxso has carved a niche for itself in providing stellar trading experiences from its base in Cape Town. The Tour de Banxso marks a significant milestone in the company’s mission to offer unique and engaging trading competitions to its clientele.

The competition is not just about trading prowess but also about celebrating a love for the golden age of racing. The grand prize, a 1959 Mercedes-Benz 190 SL, valued at a breathtaking R2,800,000, is a testament to the event’s homage to the classic racing era. The winner will not only take home this vintage marvel but also gain entry to the prestigious Cape 1000 Classic Car Race, alongside an Official Mille Miglia Chopard Watch worth R200,000.

The spirit of competition extends beyond the top prize, with second and third-place winners receiving exclusive invites to witness the Mille Miglia 2024 race in Italy and their own Chopard watches, respectively.

Entry into the Tour de Banxso requires traders to make a minimum deposit of R100,000 and execute at least 100 trades across ten different assets. Winners will be decided based on the highest winning ratio, ensuring a fair and competitive environment for all.

Participants will compete using dedicated competition accounts, designed to keep the focus squarely on trading skill by eschewing deposit bonuses or cash-back promotions. This unique setup, combined with real-time leaderboard updates, aims to replicate the adrenaline-pumping intensity of the Mille Miglia race, allowing traders to experience the rush of the trading floor and the racetrack simultaneously.

As the competition draws to a close on May 15, 2024, all open trades will be concluded at market prices, adding a final layer of strategy to this electrifying race to the finish line.

Banxso’s foray into blending financial trading with the allure of classic car racing through the Tour de Banxso is more than a competition; it’s a celebration of the timeless appeal of vintage motorsports and a testament to the innovative spirit of the trading world. This event is set to become a hallmark for traders and car enthusiasts alike, offering a rare opportunity to indulge in two passions simultaneously.

In addition to fostering this unique trading experience, Banxso proudly sponsors Bafana Bafana and South African UFC Champion Dricus du Plessis, further solidifying its commitment to supporting South African talent and sporting excellence.

As the Tour de Banxso progresses, participants and spectators alike are poised to witness a thrilling blend of finance and racing heritage, marking an exciting chapter in South Africa’s trading and automotive history.

Media Contact details:

Manpreet Singh
[email protected]
+16465064977

View original content:https://www.prnewswire.co.uk/news-releases/banxso-ignites-south-african-trading-scene-with-inaugural-tour-de-banxso-302092773.html

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Leading Indonesian Fintech JULO Pioneers Healthcare Financing for Any Hospital, Any Dentist, Any Clinic in a Few Clicks

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JAKARTA, Indonesia, March 19, 2024 /PRNewswire/ — Continuing its commitment to financial inclusion in Indonesia, JULO has launched a distinctive nationwide healthcare financing feature. JULO Health is now available to finance Indonesians’ healthcare needs across any of the nation’s health facilities – from hospitals, clinics, dental care, pharmacies, to laboratories and diagnostic centers – in just a few in-app clicks with monthly installment options.

A survey done by Global Health Service Monitor indicates that 59% of Indonesia’s 278 million population is concerned that high treatment costs will make healthcare access challenging. This challenge is multiplied due to Indonesia’s medical inflation, which can reach 13.6% annually, about four times the general inflation rate. The high cost of treatment combined with medical cost inflation can create a significant financial burden.

Chief Business Officer at JULO Group, Nimish Dwivedi, stated, “Medical expenses are often urgent and extremely time-sensitive. With the launch of healthcare financing in the JULO app, patients can settle their healthcare payments across any hospital, clinic, pharmacy or diagnostic center quickly with just a few clicks. Our aim is to improve our customer’s overall health besides their financial health.”

Irene, a JULO user from Papua shared her experience, “I had difficulty in funding my child’s medical treatment. It was really urgent and there were no friends or family who could help at the time. Fortunately, I tried JULO and immediately got a sufficient credit limit to use. That really saved my child.” Another user, Dina from Yogyakarta, a JULO user since 2021, also shared a similar experience. “My child was in a critical condition and had to be taken to the hospital, but I didn’t have health insurance. So, I tried using JULO. The process was quick and my child was able to receive immediate treatment. I don’t know what would have happened if I hadn’t turned to JULO at that time.”

While there are plenty of cash loan options, nationwide healthcare financing is a clear gap which JULO aims to address. For JULO’s 2 million and growing user base, this new feature is in addition to an array of cash and non-cash features. These include a host of day to day expenses such as utility bills, train tickets and many others. Users can get up to 50 million rupiah credit limit equivalent to USD 3,000 to make payments for these in just a few clicks, with the convenience of 9 months installment options.

Throughout 2023, JULO has launched a range of product innovations to promote financial inclusion for Indonesians. These innovations include JULO Education, a financing service dedicated to supporting the advancement of education in Indonesia, covering more than 250,000 formal and non-formal educational institutions across the nation. Also, JULO Cares, which offers a unique existing gadget protection cover so customers never lose access to their JULO app. “The launch of JULO Health underlines our commitment to provide our valued customers with innovative benefits that empower them and enrich their lives on an ongoing basis,” stated Adrianus Hitijahubessy, Co-founder of JULO.

About JULO

JULO is an Indonesian leading fintech company that is revolutionising access to financial products for millions of emerging consumers in Indonesia. Founded in 2016, JULO has expanded nationwide. JULO is based in Jakarta and is backed by leading investors including Credit Saison, Skystar Capital, Saratoga Investama, East Ventures, Quona Capital, Central Capital Ventura, MDI Ventures, Gobi Partners and others. Since then, JULO has been supercharged with rounds of funding – including Series A funding of US$10 million in 2018 and Series B funding of US$80 million in 2022.

JULO has been downloaded more than 10 million times and has facilitated credit access to more than 2 million customers. JULO also has won several awards namely; Winner of Indonesia Fintech Festival (2016), Winner of UN Fintech Challenge (2018), Winner of Inclusive Fintech 50 (2019) and Gold Winner of Marketing Excellence Awards Indonesia 2023 – Excellence in Brand Awareness. For more information, visit https://www.julo.co.id

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“Solid Projects We Would Love to Work With”: Bybit Affirms its Open and Collaborative Approach in Livestream Event with Solana Ecosystem to Unveil Ecosystem Growth and Prioritize User Value in Web3

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DUBAI, UAE, March 19, 2024 /PRNewswire/ — Bybit, one the world’s top three crypto exchanges by trading volume, and Solana, one of the fastest-growing ecosystems in the blockchain sphere, joined forces for an electrifying livestream discussion with other dApps. The event showcased the remarkable growth of the Solana ecosystem and unveiled exciting plans for the future, with a focus on delivering values to the blockchain ecosystem.

During the livestream, Ben Zhou, co-founder and CEO of Bybit emphasized the importance of partnerships with solid projects, resilience and vision, reflecting Bybit’s strategic approach to collaboration within the cryptocurrency ecosystem. “We’re drawn to projects with a proven track record and a solid foundation,” Zhou said. “Solana really surprised me in how it developed and how resilient it is, and now that the community is super strong, all these new projects are building onto it.”

Lily Liu, president of the Solana Foundation, spoke about the unique capabilities Solana brings to the table. “Solana stands apart with its ability to execute transactions in a blink of an eye and at minimal cost enabling what was once thought impossible,” Liu said. “This paves the way for innovative applications previously beyond reach.”

Bybit’s commitment to nurturing a robust and innovative crypto ecosystem is underscored by its focus on Web3 initiatives like Solana Fiesta, with planned hackathons, conferences, and collaborative efforts hosted at Bybit’s Dubai Crypto Ark Space designed to expand crypto adoption and spur innovation.

Marius George Ciubotariu, a core contributor to Kamino Finance, a leading decentralized finance (DeFi) protocol on Solana, welcomed the opportunity to offer Bybit users an airdrop of the new Kamino ($KMNO) token, as part of Bybit x Solana’s Airdrop Arcade. “This is the moment when many will discover Solana for what it is: a seamless, straightforward blockchain experience akin to using the web without cumbersome interfaces or wallets,” he said.

Joe Takayama, YouTube influencer, pointed out the innovative projects on Solana, many of which will be listed on Bybit. “A lot of the coins on Solana are not just tokens. They’re building and investing in the Solana ecosystem. The tools and products they build will appeal to the mass market.”

Bybit’s alliance with Solana is a pivotal step toward creating a more accessible, efficient, and innovative digital asset landscape. Emily Bao, Web3 evangelist from Bybit Web3, summed up the venture, “Our goal is to collaborate with the best in the blockchain world, and Solana is one of our top choices with its innovation and efficiency.”

#Bybit / #TheCryptoArk / #BybitWeb3

About Bybit Web3

Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over one million wallet users, over 10 major ecosystem partners, and counting. 

Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as a top 3 global crypto exchange, trusted by 25 million users globally.

Join the revolution now and open the door to your Web3 future with Bybit.

For more details about Bybit, please visit Bybit Web3.

About Bybit

Bybit is one of the world’s top three crypto exchanges by volume with 25 million users. Established in 2018, it offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
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