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Papaya Competes in Visa Fintech Challenge as European Champion

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Papaya Global, a leading automated payroll and workforce management platform, participated in the Visa Everywhere Initiative – Women’s Global Edition as the champion of the European region.

This year’s competition, held in Paris this month, was open to companies founded by women. Papaya, based in Israel, was co-founded by noted HR and payroll expert Eynat Guez, who serves as the company’s CEO.

Papaya won the European competition earlier this year. The final featured six regional representatives in the Fintech Challenge and six in the Social Impact Challenge. Nearly 1,300 companies from 107 countries competed for those final 12 spots. The overall winner of each challenge received a $100,000 cash prize and mentorship directly from Visa.

“We are thrilled that Visa recognized Papaya’s ability to facilitate payments at a high level and wanted learn more about our payment process,” said Maayan Karstaedt, Product Expert at Papaya Global, who represented the company at the competition in Paris. “The world of payments is changing quickly, and Papaya is perfectly positioned to facilitate payments of all kinds and at all levels.”

In addition to pitching Visa on Papaya’s services, the event included networking with other finalists and a trip to the Visa sponsored Woman’s World Cup taking place in Paris.

Ms. Karstaedt said Papaya is helping solve the problem of scale encountered by many companies looking to build an international workforce.

“They can find the talent. That’s never been easier, with 40% of today’s workforce working remotely and distributed globally,” she said. “But employing and paying them- that’s the problem they are facing and we are solving – by dragging payroll – kicking and screaming – to automation and greater efficiency.”

Ms. Karstaedt noted that it is already possible to see the first signs of the future of payments – workers will be able to access their earnings on a daily basis rather than have to wait for payday at the end of the month or even every two weeks. But while technology is creating new opportunities, the field of payroll overall is still lagging well behind, resisting changes that could make payroll cheaper, faster, and free of errors.

“Global workforce today is as manual and low-tech today as the transportation industry was just before the Uber revolution,” she said. “We are at the cusp of a monumental change. And Papaya is already there, making payroll smarter, simpler, and more secure than ever.”

 

SOURCE Papaya Global

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MPOWER Financing rated Top international student lender by Nerdwallet and U.S. News

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MPOWER Financing, a mission-driven fintech that provides financial access to higher education for high-promise international and DACA students, was recognized by both Nerdwallet and U.S. News & World Report as the top student loan provider for international students.

Nerdwallet, a comparison website for personal finance products, awarded MPOWER a 5-star rating for its student loans, indicating that its products are “among the very best for consumer-friendly features.” Nerdwallet also commended MPOWER for offering loans that are “ideal for international and DACA students without a co-signer or U.S. credit history.” MPOWER’s loans are available to students from around the world for both graduate and undergraduate degrees at more than 350 top universities in the U.S.and Canada.

U.S. News & World Report recognized MPOWER Financing as the “best lender for international students.” This determination was made on the basis of MPOWER’s product offerings, cost, customer servicing ratings, eligibility, and other features. U.S. News also detailed that MPOWER’s underwriting process considers a student’s academic success and career path – a process that is enabled by MPOWER’s use of big data analytics and artificial intelligence.

“I was having a tough time obtaining education loans from India without collateral,” wrote Kaushik Krishnan, one of MPOWER’s early students. “MPOWER was truly life changing for me. I’ve since graduated from my Masters program, found a job, and paid off my loan.”

“MPOWER allowed me to achieve my dream,” said Sol Bee, a South Korean student. “I was admitted to Berkeley in Fall 2016, but I couldn’t afford it at the time. MPOWER empowered me to be who I wanted to be by allowing me to take control of my finances and my life.”

“We’re honored by the industry recognition we’ve received, and the hundreds of heartfelt stories we get from students whom we have the privilege to serve,” says Manu Smadja, Co-founder and CEO of MPOWER. “We’re working hard to further improve our customer experience and to remain the best international student lending product on the market.”

MPOWER Financing, headquartered in Washington, D.C., and with offices in Bengaluru, New York City, and Toronto, is a mission-driven fintech company and provider of global educational loans. It is the only student lender in the world that leverages both overseas and domestic credit data, as well as future earning potential, to serve high-promise international and DACA students. MPOWER Financing works with over 350 top universities and colleges across the U.S. and Canada to provide financing to students from over 200 countries. Since 2014, it has received over $1B in loan application volume on its platform. MPOWER Financing helps students build their credit histories and provides them with personal finance education and career support to help prepare for life after school. The team is backed by Zephyr Management, Goal Structured Solutions, Gray Matters Capital, Lloyd Crescendo Advisors, 1776, Village Capital, Potentia, Breega, VARIV, DreamIt, Fresco, Chilango, Common Sense Fund, K Street, and University Ventures.

 

SOURCE MPOWER Financing

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nCino Acquires Visible Equity to Drive Deeper Insights, Compliance and Advanced Analytics for the Financial Services Industry

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nCino, the worldwide leader in cloud banking, today announced that it has acquired Visible Equity, a market-leading financial analytics and compliance software company based in Salt Lake City, Utah. This strategic acquisition leverages the unique strengths and joint synergies of each company to further drive and accelerate transformation in financial services.

Founded in 2008, Visible Equity is a software as a service (SaaS) company that provides portfolio management, analytics and compliance solutions to banks and credit unions. The combination of Visible Equity’s advanced analytics software with nCino’s best-in-class Bank Operating System brings new functionality and benefits to end users, including:

  • Enhanced portfolio management with increased analytical insights across any financial institution’s portfolio, drilling down to individual deposits and loans;
  • Increased confidence in overall portfolio risk assessment including probability of default and loss-given default models;
  • Regulatory compliance combined with state-of-the-art analytics to manage, monitor and comply with fair lending; and
  • A comprehensive ALLL/CECL solution that effectively accounts, through robust models, for loan impairment and expected loss, and instantly produces reports and disclosures.

“Visible Equity is a perfect complement to our vision, mission and company culture,” said Pierre Naudé, CEO of nCino. “From the very beginning, nCino’s mission has been to transform financial services through innovation, reputation and speed, and we believe this acquisition will further enable us to execute on that mission. We’re extremely excited to expand the nCino Bank Operating System to provide even more advanced analytics and compliance capabilities to our clients, enabling them to drive greater insights, efficiency and risk management while furthering their customer relationships.”

Tara Lathrop, Supervisor of Leadership Support and Innovative Solutions at Corning Credit Union, said, “The industry is changing at a rapid pace and digital transformation and risk management is a continuous journey and challenge. Our members and employees are constantly looking for best-in-class technology, process efficiency, data insights, and risk management tools. These are the reasons why we already partnered with nCino and Visible Equity. Both companies have always had a philosophy of being able to fully support and scale with their clients and this acquisition highlights nCino’s vision of being able to offer more to respond to changing industry and client needs. We’re very excited about this combination, particularly as we continue to grow and scale as an organization.”

“Joining the nCino team is the right move for us and a natural fit,” added Brad Hansen, President and CEO of Visible Equity. “We share with them a passion for innovation, a laser-focus on customer success and a commitment to culture. A key driver of our desire to become part of the nCino family is their industry-leading Bank Operating System and ability to support a global client base of enterprise, regional and community financial institutions. We’re excited to share our insights and experience and look forward to further transforming financial services together.”

While Visible Equity and nCino will continue to offer their products separately to the market, the two platforms will become fully integrated to provide a seamless client and cloud-based experience, as well as an unparalleled portfolio management and regulatory compliance platform.

 

SOURCE nCino

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Ideanomics Rounds Out NEVC Offerings, Updates Unit Name to New Energy Transportation Services Group (NETS)

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Ideanomics Inc. (Nasdaq: IDEX) has today announced the formation of New Energy Transportation Services Group (NETS), a service company proving comprehensive and commercial solutions that include Marketing, Financial Services, Technology and Infrastructure for the New Energy Transportation Services industry with.

This newly-formed group will be domiciled in Singapore to embrace the global business ex-China, beginning with Malaysia and the other ASEAN countries. From Asean, the company plans to expand its substantial commercial offerings into other regions, including North America and Europe, to develop and support cleantech commercial vehicle markets. The NETS Group is focusing its full-service model of ‘Sales-to-Financing-to-Charging networks (S2F2C) in efforts to support the full value chain of the cleantech commercial vehicle industry. As the new energy transportation markets continue to gain momentum globally, we expect our sales from the NETS Group to grow significantly by the end of 2020 and with it the potential to spin-off what is anticipated to a highly profitable division to create additional shareholder value.

According to a recent Bloomberg New Energy Finance (BNEF) report “…commercial electric van and truck sales are set to accelerate in the 2020s,” and “By 2040, it’s expected that 56% of light commercial vehicle sales and 31% of medium commercial vehicles in China, the U.S. and Europe to be electric.”

The NETS Group is positioning to become a global leader in the sourcing, sales, and debt and equity financing of global new energy transportation solutions; to help streamline the adoption of cleantech commercial vehicles, and associated infrastructure, and to support the rapid adoption of new energy passenger vehicles, globally.

The NETS Group competitive advantage will be improved pricing through volume discount from factory to customer direct group-based purchasing, improved financing rates and availability, and will have the ability to procure a full range of vehicles from a variety of manufacturers through a single point of service in ASEAN, European, and North American markets.

“Having recently began to refer to this business unit as the NEVC Group, we took a step back and considered what additional services and solutions we needed to round out the offering,” said Alf Poor. “With the continued interest in light rail and heavy municipal vehicles, such as garbage and fire trucks, as part of our audience’s transportation planning objectives, we understood that a full-service solution would need to include light rail, and the power infrastructure required for the different forms of new energy transportation from rail to the fast-charging networks needed to support the different types of commercial vehicles required for tomorrow’s transportation needs.”

The NETS Group continues to expand and grow its new energy commercial vehicle strategic industry alliances within the new energy commercial transportation ecosystem with partners and market leaders such as JACBeijing FotonYinlong, and BYD. The NETS Group will continue to grow this alliance and add new strategic partners and market leaders, and grow its offerings, enterprise operational tools, and commercial support to fuel the fast and growing demand.

“Technologies such as Artificial Intelligence will play an increasingly import role the New Energy Transportation Services industry. Our world-class AI offerings from our subsidiary ‘Intelligenta’ will support this commercial level smart integration needed for a successful go to market strategy,” said Poor.

The NETS Group plans to leverage its full-service model with all stakeholders involved in transportation planning, from local, regional, and national governments, through to private enterprise groups supporting travel and tourism. This will help to establish a cost-efficient underwriting model that will provide a streamlined path for the adoption and transformation to cleantech from urban transportation’s current reliance on fossil fuels.

 

SOURCE Ideanomics

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