Connect with us

Fintech

CreditEase Fintech Investment Fund Doubles Down in UK and Europe, and Invests in Railsbank for Singapore expansion

Published

on

Reading Time: 2 minutes

 

CreditEase, a Beijing-based leading FinTech conglomerate in China, announced today that its CreditEase FinTech Investment Fund (CEFIF), participated in the recent $10 million Series A funding round of Railsbank, a London-based Banking-as-a-Service (BaaS) platform that promises to give technology companies access to financial services using its API platform. Railsbank already has several clients across the UK and Europe and is in the process of opening its Asia-Pacific office in Singapore.

Nigel Verdon, Co-Founder and CEO of RailsBank said, “We are very pleased to welcome CreditEase as an investor and be amongst the amazing companies in the FinTech portfolio. The experience and the network that the CreditEase team brings to Railsbank will help us as we set up an office in Singapore and expand Railsbank across Asia-Pacific. We look forward to this next stage in our growth with great excitement.”

This follows CEFIF’s investment in Curve’s $55 million Series B in July 2019. Curve, the London-based “over-the-top banking platform”, lets people consolidate their credit and debit cards into a single Curve card and manage it via its mobile app, making it easier to track spending and access other benefits.

Shachar Bialick, founder and chief executive of Curve said, “We are excited to have investors like CreditEase and IDC Ventures as not only investors, but true partners, with deep experience and insights in the fintech industry. This is a very strong signal that we continue to execute on our plan and are poised to take Curve through its next phase of successful development.”

“We are very pleased to have Curve and Railsbank in our portfolio,” said Anju Patwardhan, Managing Partner of CEFIF. “Railsbank benefits from the strong regulatory tailwinds related to open banking and digital banking licenses. Its API platform is extremely well-positioned to help banks, insurance companies, fintech companies, ride-sharing companies and others as they launch financial products and services for consumers and SMEs.”

“Curve is giving power back to the consumer by enabling them to manage all their finances from a single control center held in the palm of their hands. Introducing the idea of over-the-top-banking, not only gives Curve an edge over others in payments, but also gives consumers a truly effective digital banking solution. The exponential growth in Curve’s customer base to 500,000 customers in less than 18 months and a recent record-setting crowdfunding campaign are testimonials to that.”

Earlier this year, Cross River Bank, a leading innovator and provider of banking services for financial technology companies in the United States, announced a transatlantic partnership with Railsbank. “CEFIF is thrilled to be an investor in both Cross River and Railsbank. We are starting to see more and more synergies across our portfolio companies and hope that we can continue to create value through more collaborations of this kind within the ecosystem,” added Anju Patwardhan.

CEFIF continues to expand its global investment presence and is becoming more active in the UK and Europe. CEFIF has invested in over 60 fintech companies globally and its other investments in the UK/Europe include WeFox, Funding Circle, and Onfido.

Fintech

i-exceed’s Appzillon Powers Canara Bank’s Omni-Channel Consumer Banking – A Comprehensive Solution for Cutting-Edge Mobile and Internet Banking Experiences

Published

on

i-exceed’s Appzillon Powers Canara Bank’s Omni-Channel Consumer Banking – A Comprehensive Solution for Cutting-Edge Mobile and Internet Banking Experiences

 

For some time now, Canara Bank, one of the leading public sector banks in India has been working with i-exceed for a successful digital transformation.

The bank started its digital transformation journey in 2017 by launching CANDI – India’s first truly digital banking branch that offers various banking services to the customers including instant digital on-boarding.

The next phase of digital transformation took place in the form of Omni-Channel Consumer Banking. Here, the bank wanted to provide a consistent user experience to its customers across all mobile and Internet channels.

i-exceed’s Appzillon Omni-Channel Consumer Banking proved to be the right fit for Canara Bank’s requirements because of its capabilities to function as a stand-alone system and also perfectly integrate with existing legacy systems. Customers can now use common credentials and access a unified beneficiary database, limits, etc. across different solutions offered by the bank. i-exceed’s offering also ensured quick time to market of all the project deliverables in an agile manner.

Omni-Channel Consumer Banking has been built using Appzillon Digital Experience Platform. A unique differentiator of the platform is its micro-app based architecture. It enables app developers to combine as well as customise micro apps from Appzillon Digital Repository to build complex apps much faster than other platforms in the market. Apps developed using Appzillon follow a ‘code once deploy anywhere’ approach that significantly reduces development and deployment effort for a wide range of environments (operating systems, browsers, and device form factors). The scalable architecture of the platform played an integral role in the app’s success as it could swiftly adapt to the large volumes of transactions taking place on Canara Bank’s Internet banking channel.

Recently, leading global FinTech-focused analyst firm IBS Intelligence recognized i-exceed at the Global FinTech Innovation Awards for ‘Most Innovative Digital Banking Implementation’ at Canara Bank.

S Sundararajan, Executive Director at i-exceed commented, “We are proud to be associated with Canara Bank for almost three years in their digital transformation endeavours. We are very excited to partner with them on their multiple digital initiatives as they become a digital-first bank. We wish Canara Bank all the best in their initiatives and look forward to our continued engagement as there is a tremendous opportunity to bring more customers to perform all their transactions digitally.”

SOURCE i-exceed technology solutions

Continue Reading

Fintech

Ping An Completes First Venture Investment in India to Enhance Auto Services Ecosystem

Published

on

 

Ping An Insurance (Group) of Company of China, Ltd. (hereafter “Ping An” or the “Group”, HKEx:2318; SSE:601318) announced that Ping An Global Voyager Fund, its overseas investment arm, has led a US$70 million Series D in Indian auto technology company CarDekho, alongside Sequoia Capital and Hillhouse Capital. This is Ping An’s first venture investment in India.

CarDekho Group, founded in 2008, is one of India’s leading autotech companies. It has successfully digitized the auto ecosystem in India and is aggressively pursuing the vision to own the personal mobility space by helping customers across their entire car buying and ownership journey. CarDekho Group currently has operations in IndiaIndonesia and Philippines and operate leading Indian auto sites such as CarDekho.com, Gaadi.com, ZigWheels.com, BikeDekho.com, InsuranceDekho.com and PowerDrift.com.

Based in ChinaPing An is one of the world’s largest financial services companies. Ping An has been investing heavily in technology and building five ecosystems covering financial services, health care, auto services, real estate services, and smart city services. The Group is the majority shareholder of China’s largest auto portal Autohome (NYSE: ATHM).

“Auto services are a core component of Ping An’s ‘finance + ecosystem’ strategy, reflected in our majority shareholding in Autohome in China. We have been extremely impressed with the business CarDekho has built in India, particularly its success in developing different types of financial services offerings to address car buyers’ needs,” said Donald Lacey, Managing Director and COO of the Ping An Global Voyager Fund. “The Global Voyager Fund’s stake in CarDekho represents Ping An’s first venture investment in India, and we are delighted to partner with an organization of CarDekho’s caliber.”

“It’s a matter of great pride for us at CarDekho that Ping An is choosing us as their first Indian investment. As a leading full stack autotech company in India, we at CarDekho are committed to help consumers throughout their car buying journey. Our unique auto ecosystem provides us a competitive edge in reaching out to consumers and engage with them through our various transaction models at one platform. With the latest fundraise, we will continue to strengthen our domestic and international businesses and will aggressively work towards becoming the largest personal mobility player in the country,” said Mr Amit Jain, CEO and Co-Founder, CarDekho Group.

 

SOURCE Ping An Insurance Group Ltd.

Continue Reading

Fintech

Broadridge Announces Pricing of $750 Million Senior Notes

Published

on

Broadridge Financial Solutions, Inc. (NYSE: BR) (“Broadridge”) today announced that it has priced $750 million aggregate principal amount of 2.900% senior notes due 2029 (the “Notes”) in an offering registered under the Securities Act of 1933, as amended.  Broadridge intends to use the net proceeds of this offering to repay the outstanding indebtedness under its revolving credit facility and for general corporate purposes.

J.P. Morgan Securities LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, Barclays Capital Inc., BNP Paribas Securities Corp., TD Securities (USA) LLC. and U.S. Bancorp Investments, Inc. are acting as the joint book-running managers for the offering.

The Notes are being offered pursuant to an effective registration statement only by means of a prospectus and related preliminary prospectus supplement, copies of which may be obtained from: J.P. Morgan Securities LLC collect at 212-834-4533, BofA Securities, Inc. toll-free at 800-294-1322, Morgan Stanley & Co. LLC toll-free at 866-718-1649 and Wells Fargo Securities, LLC toll-free at 800-645-3751.

You may also visit www.sec.gov to obtain an electronic copy of the prospectus and related preliminary prospectus supplement.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

 

SOURCE Broadridge Financial Solutions, Inc.

Continue Reading

Trending

Thefintechbuzz is a news publishing website which digests / hand picks the latest news about the financial industry industry, and serves them to you daily.

Contact us: pressroom@thefintechbuzz.com

© Thefintechbuzz.com 2019 - part of PICANTE Media. All rights reserved. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania