Connect with us

Fintech

IceKredit Raises 47 Million Dollars in Pre-Series C Funding

Published

on

Reading Time: 3 minutes

 

Sponsored primarily by Guohe Capital, IceKredit, Inc. has recently acquired $47 million in pre-Series C funding, surpassing the cumulative amount of funding of $44 million generated from all previous funding rounds, which include Angel round, Pre-Series A, Series A, and Series B funding from Frees Fund, Yunqi Partners, China Creation Ventures (CCV), and Youzu Interactive, among others. Moreover, a current stockholder, Yunqi Partners, has become a dedicated sponsor in this round. Other current stockholders also joined the funding. Founder, chairman, and CEO Lingyun Gu plans to utilize these funds in 3 sectors – enlarge the business analytics, big data engineering, and AI teams in R&D; expand business outreach to international markets; and introduce new merge-and-acquisition campaigns with upstream and downstream enterprises to augment and optimize the IceKredit’s ecological composition and operational structure.

IceKredit, Inc. has become a leader in credit risk and credit management. Their team is composed of fintech scientists and engineers who come from ZestFinance, Lending Club, JP Morgan, Bank of America, Capital One, Discover, GE Capital, Barclays, Kabbage, Microsoft, Ant Financial, Tencent, Baidu, and other industry-leading companies in data and finance. 85% have technical expertise among the team of 270+ members at IceKredit. In addition, IceKredit has built 2 AI laboratories located in the United States and China for R&D, composed of Ph.D. graduates from Carnegie Mellon UniversityStanford UniversityColumbia UniversityPurdue University, UC Berkeley, and many more highly-ranked academic institutions. Research-wise, they engage in deep learning, natural language processing, knowledge graph, voice recognition, computer vision, and other contemporary applications of data science and ML.

Yi Song, a staunch advocate of IceKredit and executive director of Guohe Capital, stated that, “IceKredit is an extraordinary and technologically-affine team of business analysts and engineers. They cultivate and motivate the relatively-unexplored application of artificial intelligence to contemporary finance. In addition, they have unparalleled experience in customizing risk management models for a variety of financial-technology enterprises. In the future, we believe that IceKredit could very well become a leader in the developing field of credit risk and credit management driven by AI technologies.”

Chengyu Mao, founder and partner of Yunqi Capital, has also shared some of his aspirational views pertaining to IceKredit. “Yunqi has been a continual pioneer in the fintech industry since early 2014. Ever since its angel investment round, IceKredit has caught and kept our attention and business, and we confidently continue to invest in them. IceKredit has continuously developed novel techniques in AI, big data processing, risk modeling, and business appliances. IceKredit R&D is equipped with in-depth experience and game-changing technology. Influenced by dynamic updates in business regulations as well as unprecedented shifts in consumer behavior, banks are reallocating focus to consumer finance and SME loans. That’s the market in which IceKredit can shine – a 3rd party risk control company can utilize AI technology to improve both the efficacy and efficiency of various financial companies and institutions. Fortunately, there is still a lot of room for IceKredit to develop in the future.”

Since it was founded in 2015, IceKredit has been dedicated to providing service for subprime customers that have not been covered by FICO and other credit bureaus using AI technology, in order to help them get loans with relatively low interest rates. IceKredit’s clients include many regional banks, community banks and credit unions. In recent year, IceKredit also entered Southeast Asia market. After the successful corporation with Oversea-Chinese Banking Corporation in Singapore, IceKredit gradually expanded its reach to market of Indonesia and Thailand. IceKredit has worked instantly with banks in Southeast Asia such as United Overseas Bank and Siam Commercial Bank. In China, IceKredit’s clients include Bank of China, Industrial and Commercial Bank of China, Bank of Communications and other large financial institutions.

Supported by state-of-the-art artificial intelligence technology, IceKredit provides universal risk-management systems for banks and other financial institutions that counteract fraud, admit trustworthy customers, compute and approve financial transactions, enforce security through real-time monitoring and functional alerts, and much more, to accelerate and augment various contemporary business infrastructures and services. Outstanding products such as the IceKredit credit score, integrated enterprise risk control service, intelligent risk decision engine, and knowledge graph computing platform are crucial platforms necessary for any financially-resilient enterprise. IceKredit is in the process of applying artificial intelligence to expedite the development of Inclusive Finance that works for everyone.

In the future, IceKredit will continue to strengthen its technical advantages, optimize its business models, and broaden its overseas market. With the mission of Inclusive Finance, IceKredit will always provide efficient and convenient services for its worldwide partners using advanced artificial intelligence technologies.

SOURCE IceKredit

Fintech

VersaPay Announces Dream Office REIT as Newest CRE Client

Published

on

 

VersaPay Corporation (TSXV: VPY) (“VersaPay”), a leading provider of cloud-based invoice-to-cash solutions including electronic invoice presentment and payment, automated accounts receivable, cash application and collections management, is pleased to announce that it has added Dream Office REIT (“Dream Office”) as its newest commercial real estate client.

“With our real estate portfolio expanding in Canada and the US, our objective is to enhance our tenants’ experience and provide them with a convenient web-based and mobile portal where they can access their account, retrieve invoices, communicate and make secure electronic payments,” stated Joanne Leitch, Vice President, Property and Operations Accounting at Dream Office. “We want to create efficiencies by eliminating manual processes, minimize errors and reduce the need for tenant account reconciliations. VersaPay offered the platform to make all of this possible.”

“Through our vendor selection process we searched for a company who could provide a platform with extensive functionality with whom we could partner to provide our tenants an improved experience. VersaPay provided what we were looking for in addition to a robust integration with our JD Edwards ERP to provide real-time AR and cash review,” stated Travis Vokey, Vice President and Head of Technology for Dream Office.

“We are so pleased to be working with Dream Office, a forward-thinking Commercial Real Estate company located right here in Toronto,” said Craig O’Neill, CEO of VersaPay. “Dream is a leader in its industry, offering high-quality central business district office properties to an impressive list of tenants. One of the keys to its success has been providing tenants with a market leading experience in all facets of the business, and we’re delighted to extend this to their tenants’ experience in billing and payments.”

 

SOURCE VersaPay Corporation

Continue Reading

Fintech

Xoom Rolls Out Domestic Money Transfer Services in the U.S.

Published

on

 

Xoom, PayPal’s international money transfer service, today rolled out the ability for customers to send money to recipients in the U.S. for the first time. Through strategic alliances with Walmart and Ria, Americans can now use Xoom to send money fast for cash pick-up typically in minutes at nearly 5,000 locations across the country*.

Xoom’s services potentially benefit more than 44 million foreign-born people in the U.S.1 who send remittances to family and friends in their home countries. With the introduction of domestic money transfer services, Xoom will now serve even more customers, including more than half of Americans who make domestic person-to-person (P2P) payments2. Using Xoom’s mobile app or website, consumers will have the ability to send money quickly and securely for cash pick-up at any Walmart or Ria-owned store in the U.S.

“Many of our customers in the U.S. already send money to loved ones in the country, and they usually prefer that the money is available right away,” shared Julian King, Xoom’s Vice President and General Manager. “This rollout reinforces our commitment to make money transfers fast, easy and affordable for everyone, whether they are at home or on-the-go.”

“At Ria, we are delighted to further consolidate our relationship with Xoom and Walmart,” said Juan Bianchi, CEO of Euronet’s Money Transfer Segment. “Our continued partnership is a fine example of how Ria’s technology can serve as an enabler between platforms, offering consumers and partners an added layer of security and compliance screening, in turn facilitating value creation within the Fintech ecosystem.”

Many consumers in the U.S. face personal, institutional and policy-related barriers to access the financial system. These underbanked consumers rely heavily on fringe financial service providers to conduct routine financial transactions and pay high fees in the process. With Xoom’s introduction of domestic transfers, Americans can send money at affordable rates for cash pick-up quickly at 4,684 Walmart stores and 175 Ria locations across the United States. For more information on store locations and eligible banks, visit xoom.com.

A pioneer in digital remittances, Xoom is a fast way to securely send money, pay bills and reload phones for loved ones in over 160 countries globally. These remittances serve as a lifeline for many people around the world and are used to pay for every day needs like utility bills, healthcare, and education costs, as well as emergencies. The largely cash-based system of sending money across borders is full of paperwork, high fees, standing in line and an ever-present uncertainty of when, and if, the money will arrive when it’s needed. By providing fast and more secure payment options for customers to seamlessly and securely send money across borders by going online or using a mobile device, PayPal and Xoom are helping to expand and improve the financial health of millions of people worldwide.

*Fees and Limitations apply

 

SOURCE PayPal, Inc.

Continue Reading

Fintech

SpeakEasy Awarded Cultivation, Processing and Cannabis Sales Licence by Health Canada

Published

on

 

SpeakEasy Cannabis Club Ltd. (CSE: EASY) (Frankfurt: 39H) (“SpeakEasy” or the “Company“) is pleased to announce that it has received Health Canada’s coveted licence for cultivation, processing and medical sales. The Company, situated on 290 acres of fertile land in the Okanagan’s renowned Golden Mile, has demonstrated adherence to the industry’s rigorous compliance standards, and can now grow and provide its high quality, small-batch cannabis to the burgeoning recreational and medical markets.

With the receipt of the licences, the Company has immediately begun cultivation of cannabis in its 10,000-square-foot, purpose-built, state of the art facility. The Company has aquired an extensive library of unique genetics that will be used as starting material for the cultivation of cannabis at the facility.

SpeakEasy’s outdoor cultivation site has also been completed and stands ready to receive these genetics for the 2020 growing season. SpeakEasy plans to submit its evidence package for the outdoor field and amend its licence to allow outdoor cultivation on its 60 acre field. “Receiving our licence at long last, is a dream come true for all of us in the SpeakEasy family. The support we have received from shareholders, employees, family and friends has been overwhelming and I appreciate you all more than I can say,” says Marc Geen, founder of SpeakEasy. “When it comes to producing phenomenal craft cannabis, farms will always be superior to factories and culture will always speak louder than corporations. Real people recognize authenticity and SpeakEasy intends to lead by example, sharing the story of our people through the excellence of our product.” With the anticipation of receiving its outdoor licence, SpeakEasy is positioned to become one of the largest cannabis producers in Canada with extremely low cost per gram outdoor grown flower and extremely high quality small batch indoor flower.

SpeakEasy recently completed the transformation of a 60 acre orchard into a custom built outdoor cannabis cultivation environment. The fertile agricultural land is expected to enable the farm to produce up to approximately 70,000kg of cannabis flower and the Company plans to double the output to up to approximately 150,000kg, pending approval of its outdoor cultivation licence.

Construction commenced in the fall of 2017 on the 80,000-square-foot SpeakEasy campus in anticipation of demand for SpeakEasy’s craft cannabis flower and value added products. Buildings two and three were completed to lock-up in the second quarter of 2019 and building four, another 26,600-square-foot facility commenced in the spring of 2019 and is also at the lock-up stage of its development. The anticipated use of building four is the processing of sun grown outdoor flower and biomass for extraction. SpeakEasy has accumulated an impressive library of unique genetics from sources outside existing licence holders, empowering the Company to develop new strains, unique to SpeakEasy, for both indoor and outdoor cultivation.

SpeakEasy founders and team members are long standing advocates for the value of community and harnessing the power of combined expertise through successful farming cooperatives. SpeakEasy now plans to apply the same values for cannabis farming. SpeakEasy’s innovative business model is designed to support industry-leading talent through shared knowledge, resources and passion, with a commitment to maintaining exceptional quality standards and developing unique cannabis strains. The Company empowers experienced growers and geneticists to operate independently with the freedom to develop each cultivar to perfection.

 

SOURCE Speakeasy Cannabis Club Ltd.

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