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Rapyd Expands Asia Pacific Team with Strategic Hires to Drive Global Payment Network Growth

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Rapyd, the global FinTech-as-a-service platform that helps businesses collect and disburse money via locally preferred payment methods, today announced it has appointed Richard Oh and Larry Lee as its APAC Senior Director of Network Management and Senior Director of Network Growth and Optimization, respectively. These strategic hires support the company’s strategy to expand operations and infrastructure in Asia Pacific, with an emphasis on strengthening the Rapyd Global Payment Network. Both executives join Rapyd from PayPal and will be based in Singapore. Together they bring close to four decades of extensive international experience in senior positions across FinTech and technology industries. These appointments follow the announcement of a $40 Million investment received by Rapyd in its recent Series B round led by General Catalyst and Stripe.

Richard Oh brings nearly 20 years of experience from PayPal and eBay where he was part of the core payments and partnerships team. During his tenure at PayPal, Mr. Oh was responsible for building the payments backbone of PayPal’s business, expanding PayPal’s payment and disbursement capabilities across Asia PacificLatin America, and the emerging markets. Having spent most of his career building international payments, Mr. Oh will be tasked to further grow Rapyd’s network-of-networks through partnerships and ensure users in every APAC market can pay and be paid with locally relevant payment methods.

Larry Lee joins Rapyd after spending 14 years across PayPal and eBay, where he held key responsibilities including geographic expansion, cross border trade, partnerships, regulatory licensing, financial operations, and corporate structure and governance. In his most recent role as Director of International Licensing, he helped develop market entry strategies for PayPal and was responsible for a portfolio of payments and e-money licenses for the international business. In his new role at Rapyd, Mr. Lee will work closely with Mr. Oh on the expansion of network partnerships, while ensuring Rapyd is able to navigate complex regulatory frameworks across a diverse international footprint and enable our customers to scale their businesses globally with ease.

“Richard and Larry join Rapyd at an inflection point of our global growth, and their expertise will be essential as we build out the Rapyd Global Payment Network,” said Joel Yarbrough, Rapyd’s VP, Asia Pacific.

“They are both recognized international business leaders and understand the unique challenges of scaling payments in Asia and globally.”

“Richard is literally a veteran of ‘the PayPal Wars’ that resulted in eBay acquiring PayPal, and he has truly seen it all. That experience is invaluable as we forge strong network partnerships globally and across the region to make going ‘local’ simple for the largest platform companies in the world.”

“Larry has invaluable insights on the licensing, regulatory, and treasury management structures that will help us establish a highly scalable platform that will enable us to keep up with and accelerate growth for the most innovative companies in the world.”

Rapyd already offers over 500 alternative payment methods such as real-time bank transfers, cash-in-store, e-wallets, and local card networks in 100+ countries, with plans to significantly expand its network capabilities and use cases in 2019 and 2020, extending its disbursement, compliance, foreign exchange management, and issuing solutions.

One of the latest milestones for network capabilities expansion in Singapore was Rapyd’s partnership with OCBC Bank to enable real-time bank payments for Singapore consumers and online retailers. The partnership leverages PayNow, Singapore’s national peer-to-peer funds transfer service, enabling OCBC Bank customers to make real-time bank transfers using the OCBC Pay Anyone app.

 

SOURCE Rapyd

Fintech

Wirex Launches Enhanced Cryptoback™

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Today, payments platform Wirex launched a supercharged update of their revolutionary Cryptoback™ rewards programme. Customers can now earn up to 1.5% back in Bitcoin on Wirex Visa card purchases.

Released in 2018, Cryptoback™ was the world’s first rewards programme that paid out 0.5% in cryptocurrency for all in-store spending with the Wirex Visa card. Thanks to the recent launch of the Wirex Token (WXT), customers can now triple the amount of BTC they earn – making investing in cryptocurrency easier than ever before.

Depending on the amount of WXT held, in-store Wirex card purchases now generate up to 1.5% in Bitcoin. There are three levels of crypto rewards available:

  • 500,000 WXT = 1.5% Cryptoback™
  • 100,000 WXT = 1.0% Cryptoback™
  • 50,000 WXT = 0.75% Cryptoback™

Wirex have calculated that the average UK consumer stands to earn more than £300 in Cryptoback™ every year, just by using their Wirex Visa card for day-to-day spending. Unlike many other cashback programmes, Wirex doesn’t impose restrictions on what customers can do with their rewards. Cryptoback™ can be redeemed instantly into their Bitcoin accounts, or quickly and easily exchanged into fiat for spending.

Enhanced Cryptoback™ is just one of the ways that holding Wirex Tokens allows customers to get even more out of their account. They can also enjoy heavily discounted fees based on the same structure, with access to premium products, merchant offers and airport lounges coming soon. As Wirex co-founder Pavel Matveev explains:

“We created the Wirex Token to be something that provides tangible value and benefits for holders beyond its market trajectory. Enhanced Cryptoback™ is the perfect example of this, as it allows customers to earn and invest in digital currency with a minimum of fuss. We’re looking forward to introducing even more benefits for WXT holders soon.”

 

SOURCE Wirex

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Aegis Capital Corp. is pleased to announce its commitment to Equity Research

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Aegis Capital Corp. continues to expand its equity research platform with the addition of Benjamin Zucker and James Jang. Benjamin joined in May 2019 as Head of Specialty Finance and James joined in June 2019 to head up the Maritime & Special Situations. These new coverage areas will bolster Aegis’ existing research footprint in the Internet/TMT and Healthcare sectors.

Mr. Zucker joined Aegis from BTIG LLC, where he was a Director and lead analyst covering Mortgage REITs and real estate finance companies. Prior to BTIG, Mr. Zucker was a Vice President at JMP Securities LLC where he covered similar sectors. Benjamin began his career in equity research at Pritchard Capital Partners. At Aegis, Mr. Zucker’s coverage will span across several Specialty Finance sub-sectors including Mortgage REITs, Equity REITs, Business Development Companies (BDCs) and Financial Technology firms (FinTech). Benjamin’s current coverage list includes: Medalist Diversified REIT (MDRR), Sachem Capital Corp. (SACH), and Saratoga Investment Corp. (SAR).

Mr. Jang joined Aegis from Maxim Group LLC, where he was a Senior Vice President and lead analyst covering the Industrials, Infrastructure and Clean-Technology sectors. Previously, Mr. Jang was a senior analyst at Sidoti & Co. covering furniture and textiles and was an equity research associate at Canaccord Genuity covering Maritime and Upstream E&P companies. Since joining, Mr. Jang has expanded Aegis’ research platform into the Agriculture, Oilfield Services, and Industrial Technology sectors with coverage of Profire Energy (PFIE), Marrone Bio Innovations (MBII), Yield10 Bioscience (YTEN) and Sigma Labs (SGLB).

Michael Pata Aegis’ Head of Business Development commented: “Hiring Benjamin and James continues to show Aegis’ commitment to equity research, which brings institutional quality analysis to the small and mid-cap universe.”

 

SOURCE Aegis Capital

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LexinFintech Announces US$300 Million Private Placement of Convertible Notes with PAG

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LexinFintech Holdings Ltd. (NASDAQ: LX) (“Lexin” or the “Company”), a leading fintech platform for educated young adults in China, today announced that it has entered into a convertible note purchase agreement with PAG, a leading Asia-focused private equity firm with over US$30 billion in capital under management, pursuant to which the Company will issue and sell convertible notes in an aggregate principal amount of US$300 million to PAG through a private placement. The private placement is subject to satisfaction of customary closing conditions and is expected to close on or around September 16, 2019. The gross proceeds raised from this placement will be approximately US$296.4 million.

The convertible notes will mature in seven years, bearing interest at a rate of 2.0% per annum. The notes will be convertible into fully paid Class A ordinary shares of the Company or ADSs at a conversion price of US$14 per ADS at the holder’s option from the date that is six months after the issuance date.  The holder of the notes will have the right to require the Company to repurchase for cash all or any portion of the notes on the fourth anniversary of the issuance date.

At closing, the Company will appoint to its Board of Directors one person designated by PAG.

Mr. Jay Wenjie Xiao, Founder, chairman and chief executive officer of the Company, said, “We are excited to have PAG as our new investor. This investment will enable Lexin to further develop and enhance our consumption-based ecosystem, improve product offerings to our educated adult customers, continue to invest in technology, build up additional consumption scenarios, and provide more consumer benefits to our customers.”

“PAG has a strong commitment to and deep understanding of China’s financial services industry, and we have a demonstrated track record of seeking out and engaging with the industry’s leading companies,” said PAG Chairman & CEO Weijian Shan. “Lexin has an unparalleled platform for meeting young consumers’ credit needs while strictly controlling and minimizing credit risks, which makes it unique, and we are looking forward to supporting the company as it embarks on its next stage of growth.”

Goldman Sachs (Asia) L.L.C., BofA Merrill Lynch and China Renaissance acted as the private placement agents to Lexin on the transaction.

 

SOURCE LexinFintech Holdings Ltd.

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