Ibotta, the leading mobile rewards platform in the United States, today announced a Series D financing round at a $1 billion valuation, becoming one of Colorado’s fastest growing consumer tech companies. The funding will enable Ibotta to continue leading innovation within the payments industry through the company’s turnkey and rewarded payments solution Pay with Ibotta, furthering its mission of making every purchase rewarding.
The round is being led by Koch Disruptive Technologies, LLC (KDT), an investment firm dedicated to investing in emerging high-growth technologies across a range of industries. KDT, a subsidiary of Koch Industries, Inc., one of the largest private companies in America, focuses on investments that improve Koch’s core capabilities as well as those that create entirely new platforms poised to change society for the better.
“While we’ve reached the point of critical mass awareness when it comes to paying with our phones, there’s still one piece missing on the path to true adoption: rewards,” said Bryan Leach, Founder and CEO of Ibotta. “Through a shared vision with KDT and our expertise in rewards and consumer psychology, we are best-positioned to transform the emerging $100 trillion global payments market. The excitement of cash rewards will be the flash point in changing consumer behavior and driving adoption of new forms of mobile payments worldwide.”
One of the most widely used shopping apps in the U.S., Ibotta has amassed a community of more than 35 million downloaded Savers who receive cash rewards for making purchases in-store, on mobile apps or via websites. To date, Ibotta has put $600 million back into consumers’ pockets, with over $200 million expected to be earned this year alone. The app also launched its first-ever payments solution earlier this year, Pay with Ibotta, enabling shoppers to pay for their entire purchase at leading retailers through the Ibotta app and earn cash back instantly.
The latest funding comes at a time of aggressive new growth goals for Ibotta as it expands its footprint as one of the largest and most successful independent tech companies in Colorado. Over the next year, Ibotta will accelerate hiring plans while at the same time expanding its downtown Denver presence at 1801 California Street, where it already occupies two full floors. “We are looking to attract people who are excited about building next generation consumer technologies and who want to be part of our fast-paced, bold culture of innovation here in Denver,” said Leach.
“KDT seeks to create win-win opportunities with our partners to create transformative value for society,” said Byron Knight, Managing Director, KDT. “Fintech, and payments specifically, is an industry ripe for innovation and disruption, and we recognize the incredible potential in Ibotta’s efforts to use rewards to completely change the way consumers shop – from when and where they shop to what they buy, to how they pay for it. Beyond being just a capital provider, we look forward to bringing additional capabilities to help Ibotta deliver even more value back to consumers.”
Broadridge Brings Together Wealth Business Under Michael Alexander
Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader and part of the S&P 500® Index, today announced that Michael Alexander has been appointed President, Wealth Management. In this newly created position, he will be responsible for bringing together Broadridge’s Wealth solutions into an integrated, market-leading Wealth Management business that will uniquely address Wealth Management firms’ need to transform their technology and business models. Mr. Alexander will report directly to Tom Carey, President of Global Technology and Operations.
“Mike is a recognized leader in the financial services industry and has a passion for creating leading-edge, SaaS-based wealth management solutions,” said Mr. Carey. “Mike will drive Broadridge’s efforts to enhance the advisor and client experience through a single platform that will be a foundation for the industry.”
As President of Broadridge’s Wealth Management business, Mr. Alexander will take leadership of the Broadridge Wealth Platform, the next-generation open platform that is creating a modern, best-in-class industry-level wealth management technology solution. This platform, which is at the center of a recently announced sale to UBS, enables wealth managers to drive their business to the next level while mutualizing investments in technology, innovation and security. With the Broadridge Wealth Platform, firms will be able to deploy an integrated front-, middle-, and back-office solution that optimizes Financial Advisor productivity, creates a richer client experience and digitizes enterprise-wide operations. Broadridge Wealth Management also offers market-leading component solutions for Advisor Websites, Data Aggregation, Performance Reporting, Corporate Actions, and back- and middle-office Managed Services, among others.
Since joining Broadridge in 2006, Mr. Alexander has taken on roles of increasing responsibility in both technology platforms and managed services. In these roles, he has led numerous complex client engagements and successful acquisitions.
Prior to joining Broadridge, Mr. Alexander was Senior Vice President of Operations at Charles Schwab. He is a member of the SIFMA Operations and Technology Steering Committee.
SOURCE Broadridge Financial Solutions, Inc.
Bajaj Housing Finance Limited Bags the BFSI Digital Innovation Awards 2020 for Cloud Solutions
Bajaj Housing Finance Limited (BHFL), a 100% subsidiary of Bajaj Finance Limited, has won the ‘BFSI Digital Innovation Award’ for Cloud Solutions at the recently held Express BFSI Technology Conclave and Awards 2020.
Organised by the Express Computer, an IT business magazine from the Indian Express Group, the BFSI Technology Conclave and Awards, is one of the largest congregation of IT decision-makers, senior executives and partners in India. The event, held in Pune from January 24th-25th, 2020 witnessed the best from the BFSI sector participate as speakers and share their views on the way ahead for one of the biggest financial markets in the world.
The conclave ended with the BFSI Digital Innovation Awards which were given away to Indian Banks or Indian subsidiaries of MNC BFSI institutions in the BFSI industry that demonstrate the innovative use of a particular technology or a combination of technologies for distinct business benefit. There were 13 distinct categories – like Big Data, Enterprise Mobility, Data Center, Cloud, Artificial Intelligence, Enterprise Security, Blockchain and Enterprise Application among others.
The participants were judged on their effectiveness of deploying a completely new solution or innovative use of existing technology to gain a competitive edge, improve operations, become more responsive to customers and partners or, simply, to add to the top or bottom line.
Sharing his delight at the occasion of winning the award for excellence in Cloud, Atul Jain, Chief Executive Officer- Bajaj Housing Finance Limited said, “It is indeed a proud moment for all of us at BHFL and would like to congratulate the entire team for helping us achieve this prestigious recognition at the Express BFSI Digital Innovation Awards 2020. Since inception, our core mission has always revolved around providing the best experience for our customers through innovation and customer engagement.”
SOURCE Bajaj Housing Finance Limited
LiteLink Technologies Subsidiary uBUCK Technologies Completes Second Tranche of Private Placement to Fuel Growth
LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT)(OTC:LLNKF)(FRA:C0B), a key player in logistics platforms and payment solutions, is pleased to announce that its subsidiary uBUCK Technologies SEZC (“uBUCK”) has closed the second tranche of a non-brokered, non-dilutive private placement previously announced on September 23, 2019.
Under the second tranche, uBUCK issued 1,000,000 preferred shares at a price of US$0.50 per share for gross proceeds of US$500,000. Under the terms of the offering, uBUCK expects an additional minimum investment of US$1,500,000 will be made in exchange for 3,000,000 preferred shares at a price of US$0.50 per share by June 30, 2020. The investor will also have the option to invest an additional US$2,500,000 for a total of 8,000,000 preferred shares at a price of US$0.50 per share by September 30, 2021.
Along with the first tranche closing announced September 30, 2019, uBUCK has now raised a total of US$900,000.
uBUCK intends to use the gross proceeds of the private placement to complete the development of the uBUCK and Streambucks digital wallets, accelerate growth, increase customer acquisitions, and conduct additional product testing.
Because the private placement was made directly into a subsidiary of LiteLink, it is non-dilutive to LiteLink shareholders. The transaction is subject to all necessary regulatory and stock exchange approval.
The preferred shares come with first rights to dividends of 6% (of the amount invested) and first claims to assets up to the investment in case of liquidation. Upon closing of this tranche, the investor will own 3.6% of uBUCK.
SOURCE LiteLink Technologies Inc.
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