Fintech PR
CANACCORD GENUITY GROUP INC. THROUGH ITS WEALTH MANAGMENT BUSINESS IN THE UK & CROWN DEPENDENCIES ANNOUNCES ACQUISITION OF BROOKS MACDONALD ASSET MANAGEMENT (INTERNATIONAL) LTD.
TORONTO, Sept. 12, 2024 /PRNewswire/ — Canaccord Genuity Group Inc. (TSX: CF) (the “Company”) is pleased to announce that through its wealth management business in the UK & Crown Dependencies (“CGWM UK”) it has entered into a binding agreement with Brooks Macdonald Group plc (“Brooks Macdonald“) to acquire its wholly owned operating subsidiary Brooks Macdonald Asset Management (International) Limited (“BMI”).
Founded in 2012, BMI provides investment management, financial planning and fund management services through its offices in Jersey, Guernsey, and the Isle of Man. As of 30 June 2024, BMI had funds under management of £2.3 billion and annual revenue of £19.9 million.
The acquisition represents an important addition to the Company’s international operations and, specifically, the addition of BMI will complement the Company’s existing capabilities in Jersey and provide a strong foundation to strengthen and support our continued growth and development. Upon completion of the transaction, the professionals and clients of BMI will benefit from being part of a larger, dedicated wealth management business with deep resources and a strong commitment to supporting their long-term growth and success.
David Esfandi, Chief Executive Officer of CGWM UK said: “Brooks Macdonald International is a quality business and an excellent strategic fit for our international division. This is a mutually beneficial transaction that will cement Canaccord’s position as a fully-fledged integrated wealth manager. Both firms are well-established across the Crown Dependencies, and BMI will also add significant financial planning expertise in our international business. Canaccord has a robust and scalable operating platform with a proven track record of successfully integrating businesses, and we anticipate a smooth process for BMI in 2025.”
Andrea Montague, CEO Designate & Chief Financial Officer of Brooks Macdonald adds: “We are pleased to announce the sale of BMI to Canaccord as their presence and understanding of the local markets will provide a strong foundation for the future growth and development of the business. I would like to thank all our BMI colleagues for their commitment to their clients and professionalism. We wish them all the best for the future.”
TRANSACTION OVERVIEW
Consideration to be paid to Brooks Macdonald on closing will comprise cash in the amount of £28.0 million with an additional contingent consideration of up to £22.85 million payable on the second anniversary of completion, subject to meeting certain revenue targets. BMI will be acquired by CGWM UK’s international subsidiary, Canaccord Genuity Wealth (International) Holdings Limited, with an agreed level of regulatory capital, with any surplus paid for at completion.
Completion of the acquisition is subject to regulatory approval and other customary closing conditions. The acquisition is expected to be completed within the quarter ended March 31, 2025.
Spencer House Partners LLP is acting as financial adviser and Farrer & Co LLP are acting as legal adviser to CGWM UK in connection with this transaction. Collas Crill is acting as legal adviser to Canaccord Genuity Wealth (International) Limited.
Raymond James Financial International Limited is acting as financial adviser and Travers Smith LLP are acting as legal adviser to Brooks Macdonald in connection with this transaction.
ABOUT CANACCORD GENUITY GROUP INC.
Through its principal subsidiaries, Canaccord Genuity Group Inc. (the “Company”) is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets. Since its establishment in 1950, the Company has been driven by an unwavering commitment to building lasting client relationships. We achieve this by generating value for our individual, institutional and corporate clients through comprehensive investment solutions, brokerage services and investment banking services. The Company has wealth management offices located in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia. The Company’s international capital markets division operates in North America, UK & Europe, Asia, and Australia.
Canaccord Genuity Group Inc. is publicly traded under the symbol CF on the TSX.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking information” as defined under applicable securities laws (“forward-looking statements”). These statements relate to future events or future performance and reflect management’s expectations, beliefs, plans, estimates, intentions and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts, including the completion of the acquisition and the timing thereof, receipt of regulatory approvals for the acquisition, future business growth, business and economic conditions and Canaccord Genuity Group’s growth, results of operations, performance and business prospects and opportunities. Such forward- looking statements reflect management’s current beliefs and are based on information currently available to management. In some cases, forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “target”, “intend”, “could” or the negative of these terms or other comparable terminology. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements.
In evaluating these statements, readers should specifically consider various factors that may cause actual results to differ materially from any forward-looking statement. These factors include, but are not limited to, market and general economic conditions; the length of a regulatory review and approval of the transaction; ability of the parties to meet closing conditions; the dynamic nature of the financial services industry; and the risks and uncertainties discussed from time to time in the Company’s interim condensed and annual consolidated financial statements, its annual report and its annual information form (“AIF”) filed on www.sedar.com as well as the factors discussed in the sections entitled “Risk Management” and “Risk Factors” in the AIF, which include market, liquidity, credit, operational, legal and regulatory risks.
Although the forward-looking statements contained in this press release are based upon assumptions that the Company believes are reasonable, there can be no assurance that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date of this press release and should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. Except as may be required by applicable law, the Company does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether as a result of new information, further developments or otherwise.
Fintech is on an accelerated trajectory of investment, collaboration, and innovation. This pulse tracks the most significant developments in the sector, from high-profile investments to global platform expansions. Each update in this briefing serves as a key indicator of where the industry is headed.
1. European Fintechs Face Regulatory Pressures Amid New Investment Surge
The European fintech sector finds itself at a crossroads with increasing scrutiny and rising costs due to stringent regulations. While investments continue to flow into the continent’s financial technology companies, challenges in meeting new compliance requirements, especially around data privacy and cybersecurity, create a complex landscape for scaling. This tension between opportunity and operational limitations might affect European fintechs’ growth strategies.
Source: Financial Times
2. Shopify, Slack Founders Join Peter Thiel in Fintech Investment Push
Tobi Lütke of Shopify and Stewart Butterfield of Slack, along with investor Peter Thiel, have co-invested in a new fintech initiative that aims to bolster small business access to capital. By merging technology with a streamlined funding model, this new initiative targets underserved SMBs, highlighting a broader trend of high-profile tech leaders pivoting to fintech investment. The participation of Lütke and Butterfield signals increased cross-sector collaboration in fintech, bringing expertise from e-commerce and communication technology into the financial arena.
Source: Yahoo Finance
3. Lean Technologies Raises $67.5 Million to Drive Fintech Innovation in the Middle East
Riyadh-based fintech platform Lean Technologies recently secured a $67.5 million Series B investment round, aiming to expand its operations across the Middle East. This funding reflects growing investor interest in emerging markets and the potential of Middle Eastern fintech to bridge regional gaps in financial services access. As Lean Technologies broadens its service offerings, the funding will support further technological integration and scalability across financial ecosystems in the region.
Source: Fintech Global
4. Apollo Global Management Invests in Fintech for Private Offerings Support
Apollo Global Management has taken steps to enhance its services for private offerings by investing in specialized fintech solutions. This development signifies a growing trend among private equity firms to adopt fintech as a core component in their service expansion, particularly for personalized client services. Apollo’s strategy of integrating fintech solutions into private offerings marks a strategic shift toward digitalization within traditional financial sectors.
Source: Bloomberg
5. Juniper Research Names 2025’s Future Leaders in Fintech
Juniper Research has revealed its picks for the top future leaders in fintech for 2025. This list emphasizes innovation in fields such as AI, open banking, and decentralized finance, highlighting startups that exhibit potential for reshaping industry standards. As these up-and-coming firms push the boundaries of traditional finance, they exemplify the rising tide of next-generation financial technology poised to become industry mainstays.
Source: Globe Newswire
Conclusion
The convergence of seasoned tech giants with fintech, new funding rounds for region-specific platforms, and the rise of future industry leaders underscore the momentum of the fintech sector. Each of these stories reflects a broader narrative: fintech is not only diversifying in services but also rapidly integrating into traditional finance and tech, paving the way for a transformative era.
The post Fintech Pulse: Evolving Fintech Investments and Partnerships Signal Industry Transformation appeared first on HIPTHER Alerts.
Fintech PR
Notabene Raises $14.5M in Series B Funding Led by DRW VC to Drive the Future of Stablecoins and Payments
The rapid adoption of Notabene’s crypto payment authorization network, which has seen transaction volumes surge 10X in the past year, reflects the growing demand for compliant crypto payment solutions. This Series B round will help Notabene bring secure, transparent, and compliant crypto payments to more financial institutions, paving the way for stablecoins to revolutionize global finance.
NEW YORK, Nov. 12, 2024 /PRNewswire/ — Notabene, a leading provider of cryptocurrency compliance solutions, today announced it has raised $14.5 million in a Series B funding round led by DRW VC, with participation from funds managed by Apollo, NextBlock, ParaFi Capital, and Wintermute, along with existing investors CMT Digital, F-Prime, Green Visor Capital, Illuminate Financial, Jump Capital, Signature Ventures, and Y Combinator. The funding will accelerate Notabene’s mission to make crypto payments a part of the everyday global economy by fostering open, secure, and compliant transactions.
Regulators now require crypto companies such as exchanges, wallet providers, and payment processors to securely exchange information about sender and receiver, just like they already do in traditional payments. This so-called Travel Rule is now a requirement in most global financial centers.
Having already helped process half a trillion dollars worth of transactions, Notabene is the leading global platform and network for compliant crypto payments. By automating the secure transfer of sensitive data between institutions, Notabene simplifies this complex process that is virtually impossible for companies to implement independently.
Kimberly Trautmann, Partner and Head of DRW VC, the round’s lead investor, emphasized the significance of Notabene’s work in this emerging financial ecosystem:
“Notabene offers a comprehensive and efficient way to track and disclose who an asset is being sent to, which is critical for those who facilitate the exchange, transfer, safekeeping, and administration of virtual assets (Virtual Asset Service Partners or VASPs) and need to be compliant with the Travel Rule. We believe Notabene is positioned to be the provider-of-choice, as it allows users to achieve real-time compliance, is protocol agnostic and does not require exposing sensitive information to other market participants.”
Notabene is expanding its focus to support the growing number of traditional financial institutions moving into digital payments. With over $20T in stablecoin transactions processed last year, global adoption is on the rise and poised to be crypto’s long-awaited killer use case. The key to unlocking stablecoins’ potential as fast, low-cost, borderless payments is a secure and transparent system – one that’s open and not controlled by any single entity. Notabene offers the essential infrastructure for compliance, reconciliation, and safety, enabling open, interoperable payment networks that will drive the next wave of adoption.
Notabene’s CEO, Pelle Brændgaard, underscores the company’s vision for the future of payments:
“We’ve already established ourselves as a pioneer in Travel Rule compliance, and now, as regulatory clarity grows and adoption scales, we are positioned to do the same for payments. By enabling secure, compliant, and open digital asset transactions, we’re helping shape the next generation of global financial infrastructure. Our philosophy of building open networks to maximize reachability between transacting counterparties will be a key driver of adoption with both crypto-native organizations, as well as incumbent players in traditional finance that are showing an increased interest in digital assets and blockchain payment solutions.”
Notabene’s platform has seen a rapid 10x increase in transaction volumes over the past year, totaling nearly $500 billion in transaction volume—solidifying the company’s role as a trusted provider in the compliance space. With over 165 companies using the platform, including some of the largest virtual asset service providers (VASPs) globally such as Copper, Crypto.com, OKX, and Ramp, as well as working relationships with regulatory bodies across hundreds of global jurisdictions, Notabene has built the largest network of transacting counterparties in the market today.
Alexander Ross, General Partner, Head of NYC for investor Illuminate Financial, added:
“As the existing market leader for Travel Rule compliance, we believe Notabene has the potential to become the “SWIFT network for blockchain transactions.” There is a desperate need for a secure network to share all transaction metadata. This will enable compliance with global regulations and is a key pillar to unlocking mass adoption of stablecoins for payments. We have been working with the founders since 2021 and believe they are the best positioned to execute this vision.”
With this raise, Notabene is set to continue its mission to bring crypto and stablecoins into everyday global payments. It will help grow the industry’s only open compliant payments network to support more use cases and new market entrants.
“With $20 trillion in stablecoin transactions processed last year, stablecoins are emerging as the preferred method for fast, low-cost global payments,” said Pelle Brændgaard, Notabene CEO. “As regulatory clarity expands, traditional financial institutions are beginning to recognize stablecoins’ potential. Notabene’s role as a trusted compliance provider is critical to unlocking this potential and establishing stablecoins as a legitimate payment medium worldwide.”
About Notabene
Notabene is the leading crypto payment authorization network, enabling secure, transparent, and compliant transactions for financial institutions around the world. With a platform that facilitates transactions in over 80 jurisdictions, supports over 165 companies, and has processed half a trillion dollars in transaction volume, Notabene is setting the standard for compliant transactions in the digital asset space.
For more information, please visit Notabene.id.
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View original content:https://www.prnewswire.co.uk/news-releases/notabene-raises-14-5m-in-series-b-funding-led-by-drw-vc-to-drive-the-future-of-stablecoins-and-payments-302303062.html
TALLINN, Estonia, Nov. 12, 2024 /PRNewswire/ — Bluestream OÜ, a quickly expanding digital finance company, is proud to announce the launch of three loan comparison websites aimed at simplifying the loan search process for Finnish consumers. The recently introduced platforms – “Laina heti”, “Luotto”, and “Lainojen yhdistäminen” – are designed to provide transparent, easy-to-understand and reliable financing comparison services designed to meet the diverse financial needs of consumers across Finland.
Laina heti: Speed and Simplicity for Urgent Loans
One of the three platforms, Laina Heti focuses on helping users find fast and convenient loans. This website caters to individuals who require quick access to funds for emergency expenses, unexpected bills or time-sensitive purchases. The design of the website emphasizes simplicity and efficiency, providing users with comparisons of short-term loan offers, including payday loans and other fast financial products.
Luotto: Comprehensive Loan Solutions for All Borrowers
The second platform, Luotto, is the company’s comprehensive comparison website for personal loans. Unlike Laina heti, which focuses on immediate and short-term needs, Luotto is designed to serve consumers seeking more substantial loans for a wider range of financial purposes. Whether it’s for a new car or home renovations, the website provides users with a detailed comparison of various loan options offered by banks, credit institutions, and other lenders across Finland.
Lainojen yhdistäminen: Simplifying Debt Consolidation for Finnish Consumers
The third and final platform, Lainojen yhdistäminen specifically targets consumers looking to consolidate several loans into a single, more manageable monthly payment. For many individuals facing the challenge of managing several loans at once – such as personal loans, credit card debt, or payday loans – loan consolidation can be an effective way to reduce financial stress, improve budgeting and potentially lower the total cost of borrowing.
“With Laina Heti, Luotto and Lainojen Yhdistäminen, we wanted to make it easier for consumers to access quick loans, personal loans and debt consolidation loans without getting bogged down in complex procedures. It’s all about making sure people have the information they need at their fingertips when they need it most,” said a representative for Bluestream OÜ.
About Bluestream OÜ
Bluestream OÜ is a digital finance company based in Tallinn, Estonia. The company specializes in creating financial comparison tools that provide consumers with transparent and comprehensive information to help them make informed financial decisions.
Press Contact:
Bluestream OÜ
Email: [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/bluestream-ou-launches-three-comprehensive-loan-comparison-websites-302302960.html
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