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Chalice Financial Network Launches Succession Link 2.0

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Chalice Financial Network™ (“Chalice,” “CFN” or “the firm”), a first of its kind Software-as-a-Service (SaaS)-based member-benefit organization for independent financial advisors, today announced the rollout of Succession Link 2.0 — a new credit union-like platform created to drive more seamless and expeditious transactions between M&A buyers and sellers, complete with member-only funding solutions for advisors.

Keith Gregg, the Chairman and Chief Executive Officer of Chalice Financial Network, and the CEO of Succession Link, said, “The rollout of Succession Link 2.0, the nation’s top online matching service for independent financial advisor M&A deals, represents our ongoing commitment to enhancing our offerings to benefit CFN members. The success we have enjoyed since our launch has allowed us to pour resources back into the firm and to continually evolve. We are now comparable to the SBA for RIAs, the Amazon Prime for independent advisors and a credit union for our members.”

In addition, Chalice has forged a new partnership with Gladstone Associates LLC, a leading consultancy that serves financial services and fintech providers throughout every stage of the M&A life cycle. Through this partnership, CFN members can receive a 20% discount on access to Gladstone Associates M&A advisory services. Gladstone provides guidance for financial advisory practices on both the sell and buy sides.

Succession Link 2.0 consists of enhancements and new features including:

  • New website with user-friendly navigation
  • Compatibility rating to greatly improve buyer/seller matches
  • Advisor lending with access to quicker turn times and lower interest rates via Oak Street Funding
  • 48-hour pre-qualification approval process with Oak Street Funding
  • M&A support with Gladstone
  • Succession planning with Gladstone
  • Quick valuation calculator and complete business valuations powered by BizEquity

Tim Horton, Co-Founder and Chief Technology Officer of Succession Link, said, “This is exactly why we agreed to join Chalice. Thanks to the resources they have brought to bear and their demonstrated ability to continually add value to our more than 47,000 members, Succession Link has benefited enormously. With these new enhancements, our platform is well positioned for a new era of growth and service for independent financial advisors.”

Dan Kreuter, Founder and Chairman of the Gladstone Group, and the non-executive Chairman of the Chalice Advisory Board (CAB), said, “We see CFN Members as the kind of growth-oriented financial advisors who could use the expertise of Gladstone Associates. Our model is unique to our space, and our team of financial professionals have decades of experience in transactions and business advisory. I also am thrilled to be able to help the CAB build on Chalice’s already impressive series of successes.”

Mr. Gregg concluded, “As independent business owners in the financial advisory space progress through their careers, they both need and deserve full-service support. For many this will include pursuing M&A deals, whether as a buyer or a seller. This new proprietary Succession Link 2.0 platform will address a crucial need for thousands of advisors nationwide, and with Gladstone Associates as an ally, Chalice is better positioned than ever to add value to the industry.”

 

SOURCE Chalice Financial Network

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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