Fintech

Lendified Announces Adverse Effects of COVID-19, Application for Management Cease Trade Order

Published

4 years ago

June 25, 2020

Toronto, Ontario–(Newsfile Corp. – June 25, 2020) – Lendified Holdings Inc. (formerly, Hampton Bay Capital Inc.) (TSXV: LHI) (the “Company” or “Lendified“) today announced that the outbreak of the Coronavirus (COVID-19) has had an adverse effect on the Company’s business, financial condition and results of operations. The Company had hoped that the effect of COVID-19 on its business and operations would not be overly severe. However, the COVID-19 pandemic has resulted in defaults, disruptions and delays under its loans to Lendified borrowers that have been affected by COVID-19. In addition, the concern that the COVID-19 pandemic might adversely affect the economy and financial markets has had an adverse effect on Lendified’s ability to obtain financing for its business and operations.

Lendified has a history of losses and negative operating cashflows since inception. Its plans are to generate profit and positive operating cashflows; however, it has not yet done so. Lendified relies on debt to fund its ongoing operations and as a result, Lendified continues to carry significant debt. The Company’s ability to operate is dependent on its ability to service that debt. The impact on revenues from the COVID-19 pandemic has had a material negative impact on Lendified’s ability to do so. Lendified is in default in respect of credit facilities with its secured lenders. Forbearance and standstill agreements are being discussed with these senior lenders, with none indicating to date that any enforcement action is expected although each is in a position to do so. However, no formal agreements in this regard have been concluded as of the date hereof. In addition, the COVID-19 pandemic and the Company’s current financial state has caused at least one of its lenders to pause in funding new loans, indicating a desire to reduce its exposure to Lendified in an orderly wind-down of its loan collateral which has also had a negative effect on the Company’s ability to generate revenue. In general, loan funding from third party lenders is expected to be negatively affected by the COVID-19 pandemic and the uncertainty it has created.

The pandemic has also had an adverse effect on the originations aspect of new loans for the Company as a result of the reduced activity of small businesses across Canada. The current environment with businesses reopening and starting to operate again provides an opportunity for the origination activity of new loans to begin to recover. At the same time, the existing loan portfolio of the Company is experiencing increased pressure on repayment of loans by small businesses that have been negatively impacted by the COVID-19 pandemic increasing the likelihood of additional loan loss provisions.

In addition, the Company’s wholly owned subsidiary, Lendified PrivCo Holding Corporation (“Subco“), a wholly-owned subsidiary of the Company acquired through the Company’s qualifying transaction announced on December 24, 2019 (the “Qualifying Transaction“) which, through Lendified Technologies Inc., carries on an automated underwriting and credit risk assessment business based in Vancouver, British Columbia which does business as “Judi.ai” (the “Business“), is not yet cash positive and continues to require cash infusions in the amount of approximately $100,000 per month in order to maintain operations. Its cash reserves at this time are approximately $80,000. At this time, the Company is not in a position to continue to fund the Business and there can be no assurances that it will be able to do so in the future.

As a result, the COVID-19 pandemic has had a disproportionate impact on the Company’s plans for profitability and has resulted in the Company’s current situation where, without finalizing agreements with its lenders to forbear on Lendified’s defaults and an immediate infusion of capital to fund its operations, Lendified will be unable to continue operations. The Company continues to seek financing required to continue operations, but there is no assurance that such financing will be secured. In addition, there can be no assurances that Lendified’s lenders will continue to forbear on enforcing such lenders’ security or otherwise vindicating any legal rights they may have due to such loans being in default, including commencing enforcement proceedings (whether statutory or pursuant to rights to enforce set out in the Company’s credit facilities).

In the event the Company is unable to secure additional financing (please see below) or otherwise increase its revenues, there is significant doubt as to whether the Company can continue as a going concern. The Board of Directors is considering various courses of action to address this problem, including obtaining financing as discussed below, or the sale of assets including the Business in order to raise revenue or to cut costs. There can be no assurances that the Company will be able to secure financing or to find purchasers for its assets which in any case are subject to security interests in favour of its secured lenders as set out above, or be able to avail itself of any other financing options. There can be no assurance that any such actions, if available, will be successful in avoiding insolvency proceedings. There can be no assurance that the steps the Company is considering taking will be successful. Investors are cautioned to consider carefully the Company’s liquidity situation when considering trading in the Company’s securities.

As disclosed in the Company’s press release dated May 19, 2020, the Company announced that it intended to rely on the temporary blanket relief granted by the Ontario Securities Commission in connection with the COVID-19 pandemic pursuant to Ontario Instrument 51 -502 – Temporary Exemption from Certain Corporate Finance Requirements and Ontario Instrument 51-504 – Temporary Exemptions from Certain Requirements to File or Send Securityholder Materials and similar exemptions provided by the other Canadian Securities Regulators due to the challenges the COVID-19 pandemic presents for market participants (the “Temporary Relief“).

The Company is relying on the Temporary Relief in respect of the following requirements (the “Required Filings“) for the Company and Subco:

the requirement to file Subco’s audited annual financial statements for the year ended December 31, 2019 (the “Subco Annual Financial Statements“) on or before the later of 20 days after the date of the completion of the Qualifying Transaction and 120 days after the end of its financial year as required by National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102“);
the requirement to file Subco’s interim financial report for the three months ended March 31, 2020 (the “Subco Interim Financial Report“) on or before the later of 10 days after the date of the completion of the Qualifying Transaction and 60 days after the end of the interim period as required by NI 51-102;
the requirement to file the Company’s interim financial report for the three months ended March 31, 2020 (the “Interim Financial Report“) within 60 days after the end of the interim period as required by NI 51-102;
the requirement to file the Company’s management’s discussion and analysis (the “MD&A“) for the period covered by the Interim Financial Report within 60 days after the end of the interim period as required by NI 51-102; and
the requirement to file certifications of the Interim Financial Report (collectively with the Interim Financial Report and the MD&A, the “Interim Filings“) pursuant to National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings.

As at the date of such press release announcing reliance on the Temporary Relief, the Company expected to complete the Subco Annual Financial Statements on or before July 2, 2020, and the Subco Interim Financial Report and Interim Filings on or before July 14, 2020. However, the Company no longer believes it will be able to meet these timelines and the filing of the Required Filings will be further delayed.

As a result, in connection with the anticipated delay in filing, Lendified intends to apply the applicable Canadian securities regulators for the issuance of a management cease trade order (the “MCTO“) which would restrict all trading in securities of the Company by the Company’s Chief Executive Officer and Chief Financial Officer (see below) and any other person identified by the securities regulators. The Company is continuing to work through the outstanding items to complete the Required Filings and expects to file them by July 31, 2020.

Lendified intends to satisfy the provisions of the alternative information guidelines set out in sections 4.3 and 4.4 of National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults so long as the Required Filings remain outstanding. The Company confirms as of the date of this news release that there is no formal insolvency or security enforcement proceeding against it and there is no other material information concerning the affairs of the Company that has not been generally disclosed. There can be no assurances that the Company will be able to file the Required Filings within the time required by the securities regulators, and if the Company is unable to do so, the securities regulators may undertake enforcement proceedings under applicable securities laws which could include a general cease trade order, among other things.

Lendified further announces that each of Mr. Edward (Ted) Kelterborn and Mr. Benjy Katchen has informed the Company of their resignation from the Company’s board of directors effective immediately. Lendified wishes to express its appreciation to Mr. Kelterborn and Mr. Katchen for their services to the Company and wishes them the best in their future endeavours. In addition, Kevin Clark has notified the Company that he intends to resign effective July 3, 2020. He remains a board member and the President of the Company until that date. The Company is currently searching for qualified replacements for these gentlemen.

Lendified also announces that due to the resignation of Norman Tan as Chief Financial Officer, the Company continues to search for a replacement and will disclose once a suitable person has been retained to fill this role.

The Company is also announcing that Gravitas Securities Inc. has been retained to conduct a brokered private placement for gross proceeds of up to $3m (the “Financing“) on a “best-efforts” basis. The Financing will be comprised of Units consisting of one common share (a “Share“) of the Company (the “Units“) and one half of one common share purchase warrant (each whole warrant, a “Warrant“) with each whole Warrant being exercisable to acquire one Share for a period of three years from the date of issuance. The price of the Units and the exercise price of the Warrants will be priced in context of the market in accordance with applicable TSX Venture Exchange (“TSXV“) policies.

There can be no assurances that the Financing will be completed on the terms set out herein, or at all, or that the proceeds of the Financing will be sufficient for the purposes of the Company or its turnaround efforts. The Financing is subject to the receipt of all regulatory approvals including the approval of the TSXV.

ABOUT LENDIFIED HOLDINGS INC.

Lendified, a company located in Ontario, Canada, is a leading Canadian FinTech company operating both a lending platform which provides working capital loans to small businesses across Canada through its wholly-owned subsidiary, Lendified Inc., as well as a software as a service technology platform providing AI-enabled credit origination and analytics to financial institutions across Canada through its wholly-owned subsidiary, JUDI.AI.

Further Information

For further information regarding Lendified, please contact:

Troy Wright, Chief Executive Officer and Director
(647) 381-9218
[email protected]

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements which reflect the Company’s current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan, “estimate”, “expect”, “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including the difficulty in predicting whether any existing lenders will continue to forbear and consequently cause such lenders to exercise default remedies under their respective credit facilities, whether the Company will be successful in implementing its strategies to place the Company on a better financial footing, whether the securities regulators will grant an MCTO, whether the Financing will be approved or if the proceeds of the Financing will be sufficient for the Company’s purposes, whether the effects of the COVID-19 pandemic will be even more severe than it has been to date, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industries in which the Company participates; others are more specific to the Company. The Company’s ongoing quarterly filings should be consulted for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. Management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.

Fintech

Quantum Security and the Financial Sector: Paving the Way for a Resilient Future

Published

48 minutes ago

November 25, 2024

Zoltan Tundik

quantum-security-and-the-financial-sector:-paving-the-way-for-a-resilient-future

The World Economic Forum (WEF) has released a pivotal white paper in collaboration with the Financial Conduct Authority (FCA), titled “Quantum Security for the Financial Sector: Informing Global Regulatory Approaches”. This January 2024 publication underscores the urgent need for global cooperation as the financial sector transitions from a digital economy to a quantum economy, highlighting both the immense opportunities and cybersecurity challenges posed by quantum computing.

Quantum: A Double-Edged Sword for Finance

Quantum computing offers transformative benefits for the financial sector, such as accelerated portfolio optimization, enhanced fraud detection, and improved risk management. Yet, it simultaneously threatens the very foundation of cybersecurity. With quantum’s ability to break traditional encryption methods, sensitive data and financial transactions face significant risks. The white paper warns that such vulnerabilities could erode trust in the financial system and destabilize global markets.

The urgency to prepare is evident, with some quantum threats, such as “Harvest Now, Decrypt Later” attacks, already emerging. Governments and regulators, including the United States with its National Security Memorandum on Quantum (2022), have begun advocating for quantum security readiness by 2035. However, as noted in the paper, transitioning to a quantum-secure infrastructure is a monumental task requiring unprecedented coordination between regulators, industry leaders, and technology providers.

A Collaborative Framework: Four Guiding Principles

To address the complex challenges posed by quantum technologies, the WEF and FCA have proposed four guiding principles to inform global regulatory and industry approaches:

Reuse and Repurpose: Leverage existing regulatory frameworks and tools to address quantum risks, rather than creating entirely new systems.
Establish Non-Negotiables: Define baseline requirements for quantum security, ensuring consistency and interoperability across organizations and jurisdictions.
Increase Transparency: Foster open communication between regulators and industry players to share best practices, strategies, and knowledge.
Avoid Fragmentation: Prioritize global collaboration to harmonize regulatory efforts and avoid inconsistencies that could burden multinational organizations.

These principles aim to create a unified, forward-looking strategy that balances innovation with security.

A Four-Phase Roadmap for Quantum Security

The white paper introduces a phased roadmap to help the financial sector transition toward quantum security:

Prepare: Raise awareness of quantum risks, assess cryptographic infrastructure, and build internal capabilities.
Clarify: Formalize engagement between stakeholders, map current regulations, and model the cost and complexities of transitioning to quantum-safe systems.
Guide: Address regulatory gaps, translate technical standards into actionable frameworks, and develop industry-wide best practices.
Transition and Monitor: Implement cryptographic management modernization and adopt iterative, adaptable regulatory approaches to remain resilient in the quantum economy.

This roadmap emphasizes adaptability, encouraging stakeholders to continuously refine their strategies as quantum technologies evolve.

The Path Forward: Collaboration as a Catalyst

The transition to a quantum-secure financial sector is not merely a technological shift but a comprehensive rethinking of how industries and regulators approach cybersecurity. The interconnected nature of global finance means that collaboration between mature and emerging markets is crucial to avoid vulnerabilities that could undermine the entire system.

Regulators and financial institutions must act with urgency. As Sebastian Buckup, Head of Network and Partnerships at the World Economic Forum, notes in the report:
“The quantum economy era is fast approaching, and we need a global public-private approach to address the complexities it will introduce. We welcome this opportunity to collaborate with the FCA to chart the roadmap for a seamless and secure transition for the financial services sector.”

Similarly, Suman Ziaullah, Head of Technology, Resilience, and Cyber at the FCA, emphasizes:
“Quantum computing presents considerable opportunities but also threats. The financial sector relies heavily on encryption to protect sensitive information, the exposure of which could cause significant harm to consumers and markets. Addressing this requires a truly collaborative effort to transition to a quantum-secure future.”

Global Impact: Ensuring Resilience in an Evolving Landscape

As quantum technologies mature, they will redefine the landscape of cybersecurity. The financial sector, as one of the most sensitive and interconnected industries, must prioritize preparedness to ensure stability, protect consumers, and maintain trust.

The Quantum Security for the Financial Sector: Informing Global Regulatory Approaches white paper offers an essential foundation for continued dialogue and action. By adhering to the guiding principles and roadmap outlined in the report, stakeholders can navigate this transformation with foresight and cooperation.

The full report, published by the World Economic Forum, highlights the need for a unified global approach to quantum security, serving as a rallying call for industry and regulatory leaders alike.

Source: World Economic Forum, “Quantum Security for the Financial Sector: Informing Global Regulatory Approaches”, January 2024.

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Fintech

Fintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations

Published

4 days ago

November 21, 2024

Peter Tolan

fintech-pulse:-daily-industry-brief-–-a-dive-into-today’s-emerging-trends-and-innovations

The fintech landscape continues to redefine itself, driven by innovation, partnerships, and groundbreaking strategies. Today’s roundup focuses on the latest digital wallet offerings, evolving payment trends, strategic collaborations, and notable funding achievements. This editorial explores the broader implications of these developments, casting light on how they shape the future of fintech and beyond.

Beacon’s Digital Wallet for Immigrants: A Gateway to Financial Inclusion

Beacon Financial, a leading player in financial technology, recently launched a digital wallet tailored to meet the unique needs of immigrants moving to Canada. This offering bridges a critical gap, enabling seamless financial integration for newcomers navigating a foreign system.

By combining intuitive technology with user-centric features, Beacon aims to empower immigrants with tools for payments, savings, and remittances. This aligns with the growing demand for tailored financial products that resonate with specific demographics.

Op-Ed Insight:
Financial inclusion is more than just a buzzword; it’s a moral imperative in the fintech space. Products like Beacon’s digital wallet highlight the industry’s potential to create tangible change. As global migration trends increase, such offerings could inspire similar initiatives worldwide.

Source: Fintech Futures.

Juniper Research Highlights 2025’s Payment Trends

Juniper Research’s latest report unveils pivotal payment trends poised to dominate in 2025. Central themes include the adoption of instant payment networks, a surge in embedded finance solutions, and the rise of crypto-backed financial products.

The research underscores the rapid adoption of real-time payment systems, fueled by increasing consumer demand for speed and efficiency. Meanwhile, embedded finance promises to blur the lines between traditional banking and non-financial services, delivering personalized and context-specific solutions.

Op-Ed Insight:
As the lines between financial services and technology continue to blur, these trends emphasize the industry’s shift toward convenience and personalization. The growing role of crypto-based solutions reflects an evolving consumer mindset, where decentralization and digital-first experiences gain precedence.

Source: Juniper Research.

MeaWallet and Integrated Finance Partner to Revolutionize Digital Wallets

MeaWallet, a prominent fintech solutions provider, has partnered with Integrated Finance to advance digital wallet capabilities and secure card data access for fintech companies. This collaboration focuses on empowering fintechs to deliver better, safer digital payment experiences.

MeaWallet’s role as a technology enabler aligns seamlessly with Integrated Finance’s goal of simplifying complex financial infrastructures. Together, they aim to create scalable, robust platforms for secure payment solutions.

Op-Ed Insight:
Partnerships like this underscore the importance of collaboration in driving innovation. As security concerns grow in tandem with digital payment adoption, solutions addressing these challenges are essential for maintaining consumer trust. The fintech ecosystem thrives when synergy and innovation coalesce.

Source: MeaWallet News.

Nucleus Security Among Deloitte’s Fastest-Growing Companies

Nucleus Security has achieved a remarkable milestone, ranking 85th on Deloitte’s 2024 Technology Fast 500 list. This achievement is attributed to its robust cybersecurity solutions, which cater to the increasingly digital fintech environment.

With cyberattacks becoming more sophisticated, fintech companies are under immense pressure to safeguard their platforms. Nucleus Security’s growth reflects the rising demand for comprehensive, scalable security solutions that protect sensitive financial data.

Op-Ed Insight:
In a digital-first world, robust cybersecurity isn’t optional—it’s fundamental. The recognition of companies like Nucleus Security signals the growing importance of protecting fintech infrastructure as the industry scales globally.

Source: PR Newswire.

OpenYield Secures Funding to Transform the Bond Market

OpenYield has announced a successful funding round, aiming to revolutionize the bond market through innovative technology. The platform promises greater transparency, efficiency, and accessibility in fixed-income investments.

This funding underscores the growing appetite for digitizing traditionally opaque financial markets. By leveraging cutting-edge technology, OpenYield seeks to democratize bond investments, making them accessible to a broader audience.

Op-Ed Insight:
The bond market, long viewed as complex and inaccessible, is ripe for disruption. OpenYield’s efforts to modernize this space highlight fintech’s transformative potential to democratize finance and empower individual investors.

Source: PR Newswire.

Key Takeaways: Shaping the Future of Fintech

Today’s developments underscore several critical themes in the fintech landscape:

Personalization and Inclusion: Products like Beacon’s wallet highlight the importance of understanding and addressing specific user needs.
Collaborative Ecosystems: Partnerships, like that of MeaWallet and Integrated Finance, emphasize the power of collaboration in solving industry challenges.
Emerging Technologies: Juniper Research’s predictions affirm the continued influence of blockchain, embedded finance, and instant payment networks.
Security at the Core: The recognition of Nucleus Security underscores the essential role of cybersecurity in fintech.
Market Transformation: OpenYield’s funding signifies the ongoing disruption of traditional financial markets, paving the way for broader accessibility.

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Fintech

Fintech Pulse: Industry Updates, Innovations, and Strategic Moves

Published

5 days ago

November 20, 2024

Peter Tolan

fintech-pulse:-industry-updates,-innovations,-and-strategic-moves

As fintech continues to reshape the global financial landscape, today’s briefing highlights pivotal developments, strategic expansions, and innovative launches across the industry. This op-ed explores the latest advancements with commentary on their potential impacts and challenges.

Finastra Data Breach: A Wake-Up Call for Fintech Security

Source: KrebsOnSecurity

The cybersecurity landscape is buzzing after Finastra, one of the largest financial technology providers globally, confirmed an investigation into a potential data breach. Reports suggest unauthorized access to its systems, raising concerns about data security across its client base, which includes thousands of banks and financial institutions worldwide.

Implications and Challenges

While the details of the breach remain sparse, this incident underscores a glaring vulnerability in the fintech sector—cybersecurity. As financial services increasingly rely on interconnected ecosystems, breaches like these threaten not only individual institutions but also the trust customers place in fintech platforms.

The key takeaway for the fintech industry is clear: proactive cybersecurity strategies must go beyond compliance. Real-time threat detection, robust encryption standards, and regular audits are no longer optional but essential for maintaining operational integrity.

Future Considerations

This breach could trigger a domino effect, prompting regulators to tighten security standards and requiring fintech companies to double down on investments in data protection. Startups and mid-tier players, often lacking extensive cybersecurity budgets, may face significant pressure to keep pace.

PayPal Resurrects Money Pooling Feature

Source: TechCrunch

In a bid to stay ahead of the competition, PayPal is reintroducing its Money Pooling feature, a popular tool that was discontinued in 2021. The feature allows users to pool funds collectively, catering to families, small businesses, and social groups.

Strategic Revival

This move reflects PayPal’s commitment to customer-centric innovation. By reinstating a feature beloved by its user base, the company seeks to reclaim market share lost to emerging competitors offering similar functionalities.

Broader Industry Impacts

Money pooling represents a broader trend in fintech—customized solutions that cater to niche needs. This reintroduction may inspire competitors like Venmo and CashApp to refine their collaborative payment offerings.

While this move strengthens PayPal’s ecosystem, its success will depend on seamless integration with existing services and robust fraud prevention mechanisms to avoid abuse of the feature.

Santander Expands Fintech Reach in Mexico

Source: Yahoo Finance

Santander is making waves in the Latin American fintech space with the launch of a dedicated fintech unit in Mexico. The initiative aims to capitalize on Mexico’s growing fintech adoption and digital payments market, valued at billions of dollars annually.

Strategic Significance

Santander’s expansion into Mexico highlights the region’s untapped potential. Latin America is a burgeoning market for fintech, driven by increasing smartphone penetration, a youthful demographic, and demand for accessible financial services.

Challenges on the Horizon

While Mexico offers immense opportunities, regulatory complexities and market competition from local players like Clip and Konfío pose significant challenges. Santander will need to blend its global expertise with local adaptability to succeed in this dynamic market.

2024 Global Fintech Awards: Spotlighting Excellence

Source: PRNewswire

Benzinga has announced the winners of the 2024 Global Fintech Awards, honoring companies and individuals driving innovation in financial technology. This year’s winners spanned categories like blockchain, artificial intelligence, and payment solutions.

Recognizing Industry Leaders

Awards like these highlight the collaborative spirit and entrepreneurial drive fueling fintech growth. Recognizing trailblazers not only motivates incumbents but also inspires startups to push the boundaries of innovation.

What It Means for the Ecosystem

The awards also bring attention to emerging technologies. Categories such as blockchain and AI signal the industry’s continued focus on leveraging cutting-edge tech for efficiency and scalability.

Commonwealth Central Credit Union Partners with Jack Henry

Source: FinTech Futures

Commonwealth Central Credit Union (CCCU) has announced a partnership with Jack Henry, a leading financial technology provider, for a comprehensive tech upgrade. The collaboration focuses on enhancing member experience through improved digital services.

Modernizing Member Experiences

Credit unions have often lagged behind major banks in adopting advanced digital solutions. By partnering with Jack Henry, CCCU aims to bridge this gap, offering members streamlined services such as mobile banking, automated lending, and personalized financial tools.

A Growing Trend

This partnership reflects a broader trend in the financial industry—credit unions and smaller banks embracing fintech to remain competitive. As customer expectations evolve, partnerships like this may become the norm rather than the exception.

Key Takeaways for the Fintech Industry

Cybersecurity is Critical: The Finastra breach underscores the need for robust security measures.
Innovation Drives Loyalty: PayPal’s revival of its Money Pooling feature highlights the importance of listening to customers.
Regional Opportunities: Santander’s expansion into Mexico showcases the untapped potential of emerging markets.
Recognition Matters: Awards like Benzinga’s provide valuable visibility for companies and individuals shaping the industry.
Partnerships Foster Growth: Collaborations between credit unions and fintech companies signify a trend towards modernized financial solutions.

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