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PowerBand Executes Unit Purchase Agreement to Acquire MUSA Auto Finance – A Leading FinTech Auto Lease Finance Company in the United States

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PowerBand Solutions Inc. (TSXV: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) (“PowerBand”, “PBX” or the “Company”), a leading online automotive auction, remarketing and vehicle acquisition and sales platform in North America, is pleased to announce, that in relation to its news release dated January 23, 2019, it has signed a Unit Purchase Agreement to acquire 60 percent of MUSA Holdings, LLC, and its subsidiaries, including MUSA Auto Finance, LLC (“MUSA”). The acquisition will transform PBX into an industry-leading FinTech company in the areas of vehicle acquisition, leasing, lending and auction services. The acquisition is subject to the approval of the TSX Venture Exchange.

MUSA Auto Finance
Founded in 2016, MUSA, based in Dallas, Texas, has quickly become a FinTech leader in the auto leasing market in the United States. Its innovative technology platform modernizes the new and pre-owned vehicle leasing experience. As a result of its proprietary technology, MUSA was awarded a contract by Tesla Motors to become a national leasing partner in 2018. During the testing phase with Tesla, which was restricted to California, MUSA developed technology that takes an application, calculates a lease, auto-decisions the application, provides an approval back to dealer partners, and prefills a lease contract accurately in less than eight seconds.

Tesla was so impressed with the ease of the platform that they sent USD$50 million in Tesla leasing contracts to MUSA over a weekend and a total of USD$90 million during the test phase. In order to accommodate the Tesla lease program, MUSA filled a USD$157.5 million financing facility to capacity in 2018, with an average FICO score of 739. MUSA’s product demand with Tesla, and dealer partners in 33 states, prompted Robert McDonald, a former Goldman Sachs VP, to describe MUSA as “one of the fastest-growing auto finance companies ever.” MUSA subsequently sold the financing facility, in May 2019, in a private placement to Crestline Investors Inc.

PBX’s acquisition of MUSA brings together two leading-edge companies with the vision to become a one-stop SaaS platform for the entire vehicle purchase lifecycle. Franchised dealers, independent dealers, and consumers will be able to:

  • Use MUSA’s real-time lease origination platform to lease new and used vehicles
  • Acquire pre-owned vehicles for MUSA consumers through PBX’s online auction platform
  • Retain customers through new lease options using the PBX-RouteOne partnership
  • Resell off-lease vehicles to D2D Automotive Auctions (“D2D”) through the PBX auction platform. D2D is a joint venture partnership owned equally by PowerBand and Bryan Hunt in the United States.

In addition to expanding its lease origination portfolio, PBX and MUSA have plans to pursue:

  • Direct-to-consumer lending platform
  • Online consumer-to-consumer marketplace – connecting individual sellers with buyers who will use MUSA for lease financing
  • Aggressive expansion toward nationwide operations by adding at least 15 states, bringing the company’s total number of states to 48.

Kelly Jennings, CEO of PowerBand, commented, “This is a transformative acquisition for PowerBand. By combining MUSA’s industry-leading leasing platform with PowerBand’s comprehensive used vehicle online remarketing auction platform, we have differentiated PowerBand in the automotive industry and will be able to offer dealers; commercial, rental and leasing companies; and consumers a one-stop online platform to buy, sell, trade and finance vehicles. We are excited to work with MUSA’s management team to accelerate MUSA’s ability to originate new leases in 2019, and beyond. We will work closely with MUSA and our partners to raise new capital and warehouse facilities. We have started conversations with automotive partners, like RouteOne, to accelerate MUSA and PowerBand’s growth in the United States.”

Jeff Morgan, CEO of MUSA, stated, “The executive team at MUSA is excited to join with PowerBand, D2D Automotive Auctions, and its other strategic partners. While we specialize in new and used auto lease finance, we are continuing to enhance our technology to achieve simplicity in an otherwise complicated process. We quickly achieved Elon Musk’svision of being able to complete a transaction on the dashboard of a Tesla at delivery, and we are really excited about new technology currently under development that we hope to announce later this year.”

Both PowerBand and MUSA are excited to announce that the MUSA leadership team will remain in place and continue to operate under the guidance of PowerBand. PBX and MUSA will work together to restructure and grow the business in 2019. Kelly Jennings and Darrin Swenson will join the Board of Directors of MUSA Holdings, LLC. The acquisition of MUSA Holdings, LLC is an arm’s length transaction. There are no finder’s fees payable as a result of the transaction.

 

SOURCE MUSA Auto Finance

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Plug and Play and GIFT City Launch “IFIH,” a Global Fintech Incubator and Accelerator

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Plug and Play, a global accelerator platform and one of the most active early-stage investors globally, has announced a strategic partnership with Gujarat International Finance Tec-City (GIFT City). Through the partnership, Plug and Play will establish and run the International Fintech Innovation Hub (IFIH), GIFT City’s FinTech Incubator and Accelerator, which aims to foster research and innovation in financial technology, reinforcing GIFT City’s role as a premier global fintech hub.

GIFT City’s MD and Group CEO, Mr. Tapan Ray, said, “Our vision at GIFT City is to drive fintech innovation by creating a climate-resilient, inclusive ecosystem that empowers diverse entrepreneurs and builds workforce competitiveness in emerging technologies. With the support of prominent partners in fintech education and incubation, we are committed to nurturing a new generation of talent that will be well-equipped to meet the needs of an evolving global economy.”

Manav Narang, Head of Financial Services for Plug and Play APAC and Program Lead for the GIFT Incubator and Accelerator added, “We are thrilled to bring Plug and Play’s global expertise to GIFT City. Our vision is to create India’s largest industry-wide fintech program – a collaborative platform where banks, payments corporations, venture capital and corporate venture capital firms, accelerators, and ecosystem partners unite. Together, we aim to catalyze transformative fintech solutions and nurture fintech unicorns that will shape the future of finance in India.”

The program will support fintech startups with resources, mentorship, capital, and networking to navigate and excel globally in the dynamic fintech landscape. The first batch of startups will be unveiled in January 2025.

The post Plug and Play and GIFT City Launch “IFIH,” a Global Fintech Incubator and Accelerator appeared first on .

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Doo Financial Now in Indonesia: Offering Local Investors A Gateway to Global Markets

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Doo Group’s brokerage brand, Doo Financial is thrilled to announce its expansion into Indonesia by acquiring a reputable Indonesian broker to expand the business. This move brings its global investment services to local investors. Backed by the strength of Doo Group’s extensive international presence, cutting-edge technology, and 10 years of expertise, Doo Financial is well positioned to support investors at every level.

As a brand encompassing investment services offered by various legal entities within the Doo Group, Doo Financial provides a comprehensive range of global brokerage services. This wide range of products empowers investors to pursue their financial goals.

With a diversified portfolio, Doo Financial empowers investors to navigate various market conditions effectively, manage risks, and focus on long-term growth. This entry into the Indonesian market reflects Doo Financial’s commitment to supporting investors with flexible, high-quality investment options tailored to today’s dynamic financial landscape.

Supervision by International Regulatory Institutions to Ensure Top-Tier Safety

As a global leading finance group, Doo Group has licensed entities regulated by top regulatory authorities worldwide, ensuring a secure and reliable trading environment.

Our global credentials include licenses from the U.S. Securities and Exchange Commission (US SEC), the Financial Industry Regulatory Authority (US FINRA) in the U.S., the Financial Conduct Authority (UK FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Hong Kong Securities and Futures Commission (HK SFC), Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia. These licenses enable us to provide secure and reliable financial services globally.

Dedication to Shape the Industry with Innovative Solutions

Doo Financial’s expansion into Indonesia brings advanced technology and a global perspective to empower local investors. As an international investment firm committed to secure and seamless trading, Doo Financial offers a diverse range of products and services to help diversify portfolios and open up new opportunities.

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This growth elevates opportunities for Indonesian investors by offering seamless access to global markets and advanced trading platforms within a secure and regulated environment. It broadens investment choices and enhances the trading experience, aligning it with international standards and empowering local investors with comprehensive tools and resources for success.

Driven by unwavering commitment, this growth marks a significant milestone in Indonesia’s investment landscape, equipping our clients with the tools to navigate global markets. We remain dedicated to delivering exceptional service, exploring new opportunities, and driving future breakthroughs. With continued support from the FinTech community, we are excited to innovate and shape the future of finance.

Stay updated with the latest insights from Doo Financial. Join our community of empowered investors and let us be your trusted partner!

E-mail: [email protected]

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Fintech Pulse: Evolving Fintech Investments and Partnerships Signal Industry Transformation

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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.

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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.

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