Fintech
AF1 Announces Execution of Business Combination Agreement to Acquire Interest in PureKana, LLC
Vancouver, British Columbia–(Newsfile Corp. – November 23, 2020) – AF1 Capital Corp. (TSXV: AFC.P) (“AF1” or the “Corporation“) is pleased to announce that it has entered into a business combination agreement dated November 20, 2020 (the “Business Combination Agreement“) with Heavenly Rx Ltd. (“Heavenly“), Heavenly Rx, LLC (“Heavenly Subco“), PureKana, LLC (“PureKana“), Cody J. Alt and Jeff Yauck (the “PureKana Founders“) pursuant to which AF1 will acquire Heavenly’s indirectly-held 50.1% equity interest in PureKana (the “Proposed Transaction“). The Proposed Transaction is expected to constitute AF1’s Qualifying Transaction under Policy 2.4 – Capital Pool Companies (“Policy 2.4“) of the TSX Venture Exchange (the “TSXV“), subject to TSXV final approval. Upon completion of the Proposed Transaction, it is the intention of the parties that the Resulting Issuer (as defined below) will be named “PureK Holdings Corp.” and will continue the business of PureKana as a Tier 1 Industrial Issuer on the TSXV. A copy of the Business Combination Agreement will be made available on AF1’s SEDAR profile at www.sedar.com.
AF1 is also pleased to announce that it has received conditional approval from the TSXV for the Proposed Transaction and will file its filing statement dated November 20, 2020 with respect to the Proposed Transaction on its SEDAR profile at www.sedar.com (the “Filing Statement“). It is anticipated that the closing of the Proposed Transaction will occur on or about December 3, 2020.
About PureKana, LLC
PureKana is recognized as a leading cannabidiol (“CBD“) brand in the United States and has operated a profitable direct-to-consumer online business since its inception in 2017. Its product lineup includes high quality CBD that can be consumed in the form of tinctures, capsules, topical salves, oral sprays, and gummies. PureKana’s brand and direct-to-consumer marketing expertise has helped to establish PureKana as one of the leading online CBD brands in the United States. PureKana operates legally in the jurisdictions where it carries on business.
The following table sets out selected financial information of PureKana for the periods indicated. The selected financial information for the years ended December 31, 2018 and 2019 has been derived from PureKana’s audited annual financial statements for such periods. The selected financial information for the six month period ended June 30, 2020 has been derived from PureKana’s condensed unaudited interim financial statements for such period.
| (All tabular amounts expressed in millions of USD) | Six months ended June 30, 2020 |
Year ended December 31, 2019 |
Year ended December 31, 2018 |
| Revenue | 7.8 | 25.3 | 15.5 |
| Gross (loss) profit | 5.0 | 16.8 | 10.0 |
| Operating expenses | (4.6) | (11.1) | (6.2) |
| Other (income) and expense, net | 0.0 | 0.0 | 0.1 |
| (Loss) income before taxes | 0.5 | 5.8 | 3.9 |
| Net (loss) income | 0.5 | 5.8 | 3.9 |
| Adjusted EBITDA | 0.8 | 5.8 | 3.9 |
| Total assets | 3.1 | 3.7 | 3.3 |
| Total liabilities | 0.9 | 1.3 | 0.9 |
The Proposed Transaction
Prior to and in connection with the closing of the Proposed Transaction, AF1 will: (a) amend its articles and notice of articles to create a series of convertible preferred shares (“AF1 Series 1 Preferred Shares“); (b) consolidate all of its issued and outstanding AF1 common shares (“AF1 Common Shares“) on the basis of 40 existing common shares for one consolidated AF1 Common Shares (the “Consolidation“); and (c) change its name to “PureK Holdings Corp.”.
Under the terms of the Business Combination Agreement, the parties have agreed to complete a business combination involving a triangular merger among AF1, a subsidiary of Heavenly Subco (“Heavenly LLC 2“) and a wholly-owned subsidiary of AF1 (“AF1 Subco“), each to be formed under the laws of Delaware in connection with the Proposed Transaction, whereby Heavenly LLC 2 will merge with and into AF1 Subco under the Delaware Limited Liability Company Act, with AF1 Subco continuing as the surviving corporation (the “Merger“). Pursuant to the Merger, former holders of common units of Heavenly LLC 2 will receive from AF1 (at and after the Merger, the “Resulting Issuer“, as defined under the policies of the TSXV) post-Consolidation AF1 Common Shares (“Resulting Issuer Shares“) and former holders of preferred units of Heavenly LLC 2 will receive AF1 Series 1 Preferred Shares (“Resulting Issuer Preferred Shares“). Upon completion of the Proposed Transaction, AF1 Subco will be a wholly-owned subsidiary of the Resulting Issuer and the Resulting Issuer will indirectly own a 50.1% equity interest in PureKana. The PureKana Founders will own the remaining 49.9% equity interest in PureKana.
Pursuant to the Merger, Heavenly will indirectly receive 4,000,000 Resulting Issuer Shares and the PureKana Founders will received an aggregate of 2,818,125 Resulting Issuer Shares, each at a deemed price of US$8.00 per Resulting Issuer Share. The PureKana Founders will also receive an aggregate of 1,025,000 Resulting Issuer Preferred Shares, each at a deemed price of US$8.00 per Resulting Issuer Preferred Share. In addition, the Resulting Issuer will have indirectly assumed Heavenly Subco’s obligations under outstanding promissory notes held by the PureKana Founders in the aggregate principal amount of US$6,943,769.
Immediately following the Merger, Heavenly will distribute to its shareholders an aggregate of 1,349,934 Resulting Issuer Shares, and contribute to certain arm’s length third party limited partnerships an aggregate of 2,050,000 Resulting Issuer Shares (collectively, the “Heavenly Distribution“), and the PureKana Founders intend to sell the 1,025,000 Resulting Issuer Preferred Shares to arm’s length parties for aggregate gross proceeds of US$8,200,000.
If the Proposed Transaction and the Heavenly Distribution are each completed, it is anticipated that, immediately thereafter, the Resulting Issuer will have 7,005,625 Resulting Issuer Shares issued and outstanding, with (a) the PureKana Founders holding an aggregate of 2,818,125 Resulting Issuer Shares, representing approximately 40.2% of the outstanding Resulting Issuer Shares, (b) Heavenly holding an aggregate of 600,066 Resulting Issuer Shares, representing approximately 8.6% of the outstanding Resulting Issuer Shares, (c) the Heavenly shareholders and certain arm’s-length third party transferees holding an aggregate of 3,399,934 Resulting Issuer Shares, representing approximately 48.5% of the outstanding Resulting Issuer Shares, and (d) current AF1 shareholders holding an aggregate of 125,000 Resulting Issuer Shares, representing approximately 1.8% of the outstanding Resulting Issuer Shares.
Completion of the Proposed Transaction is subject to a number of conditions including, but not limited to, third-party and board approvals and consents, and satisfaction or waiver of all conditions set forth in the Business Combination Agreement, including TSXV final approval of the Proposed Transaction.
AF1 has received shareholder approval from a majority of its shareholders with respect to the Consolidation by way of written consent resolution.
Management Team, Board of Directors and Insiders
Upon completion of the Proposed Transaction, it is anticipated that the board of directors of the Resulting Issuer will be comprised of four individuals. The following individuals are anticipated to be the directors, officers and insiders of the Resulting Issuer following completion of the Proposed Transaction:
Paul Norman – Chairman and Director
Mr. Norman has been the Chief Executive Officer and Chairman of Heavenly since June 2019. Prior thereto, Mr. Norman was the President North America of Kellogg Company from June 2015 through April 2018, with a cumulative 30 years with the Kellogg Company. Mr. Norman is a consumer products expert and over the years he has led major M&A initiatives from selection to post integration. Mr. Norman’s multi-decade tenure at Kellogg was defined by leading transformational change and profitable growth through strategic portfolio management, innovation and brand building, whilst successfully navigating challenging regulatory environments of the food industry. Mr. Norman has a Bachelor of Arts from the University of Portsmouth.
Kathy Casey – Chief Executive Officer
Ms. Casey is a proven sales executive and general manager with 30 years of experience in the consumer packaged goods (CPG) industry. Her career has traveled from blue-chip companies, like Procter & Gamble and Kellogg to the entrepreneurial start-up of importing an Italian Food portfolio at North American Enterprises. Ms. Casey’s intellectual curiosity has enabled her to leverage sales, marketing, and general management capabilities in every class of trade: foodservice, convenience, vending, grocery, drug, dollar, discount, and ecommerce. Most recently, she was the Vice President of U.S. Channels leading a US$2B profit and loss in the growth channels of Drug, Dollar, Club, and Discount. Ms. Casey has a strong track record of leveraging insight to convert shoppers, joint customer development, profit and loss management, capability building, and building a high-performing culture. Ms. Casey holds a BBA in marketing from Western Michigan University.
Brian Meadows – Chief Financial Officer and Corporate Secretary
Mr. Meadows has over 25 years’ experience in finance, accounting and business development obtained in the telecommunications and food ingredient business. During the early part of his career, Mr. Meadows worked for both large public telecoms companies in Canada as well as several start-ups in Europe, holding several senior level positions including Vice President Business Development and Director of Operations at TELUS. The two start-ups he was involved with were sold for $100-$500 million after two years of operations. Brian then spent 12 years in the food ingredient industry where he was the Chief Financial Officer of a Toronto Stock Exchange and NASDAQ-listed public natural sweetener company. Mr. Meadows has successfully lead multi-million dollar commercial agreements with Cargill, Tate and Lyle and Archer Daniel Midlands during his tenure as Chief Financial Officer. He has worked on 9 GRAS (generally recognized as safe) filings for new food ingredients, all of which received letters of no objections from the FDA and has in-depth knowledge of the food ingredient and dietary supplement regulatory environment in the United States and Canada. He has raised over $100 million in equity financings in both the United States and Canadian markets and is experienced in developing and filing IFRS and US GAAP financial statements, and US and Canadian public company regulatory filings. Mr. Meadows joined PureKana in September 2018. Brian holds CPA (CMA) and CFA designations as well as an international MBA.
Jeff Yauck – Director
Mr. Yauck is the co-founder of PureKana and has been the Chief Marketing Officer of PureKana since December 2019. Mr. Yauck previously served as Chief Operating Officer of PureKana from inception until December 2019. Mr. Yauck is the Chief Executive Officer of PJ Marketing LLC, a CBD company he founded in 2018. Mr. Yauck also founded Oats Overnight in January 2016, a high protein instant breakfast product sold in the United States. Oats Overnight was originally conceived and developed by Mr. Yauck and ultimately, resulted in a multi-million dollar business after only 12 months of operations. Mr. Yauck has strong experience in the start-up and growth of e-commerce brands, marketing, product development, e-commerce operations and establishing strategic partners.
Cody Alt – Director
Mr. Alt is the co-founder of PureKana and was the Chief Executive Officer from May 2017 to August 2020. Mr. Alt is currently the Chief Executive Officer of Kushly LLC, a CBD company he founded in 2018 and the Chief Executive Officer of BodyFuel Foods, a fitness meal preparation and delivery company he founded in 2017.
Michael Galloro – Director
Mr. Galloro is a Chartered Professional Accountant and a Principal at ALOE Finance. Mr. Galloro is the CEO, CFO and a director of AF1 Capital Corp since January 2019. Since September 2012, Mr. Galloro has been the CEO, CFO and a director of Gold-stream Minerals Inc. Mr. Galloro is also presently a director of the following listed-entities: Sustainco Inc. (TSXV), Cool Holdings Inc. (NASDAQ), Fountain Asset Corp. (TSXV), and World-Class Extractions Inc. (CSE). Previously, Mr. Galloro was a director of Bragg Gaming Group Inc. (TSXV), Liberty Health Sciences Inc. (CSE), Eviana Health Corporation (CSE) and Santa Maria Petroleum Inc. (TSXV). He was the CFO of Yangaroo Inc. (TSXV) from December 2010 to February 2019, and was the CFO of Firm Capital American Realty Partners Corp. from March 2014 through July 2016.
Arm’s Length Transaction, Sponsorship & Regulatory Matters
The Proposed Transaction is not a Non-Arm’s Length Qualifying Transaction for the purposes of Policy 2.4.
AF1 has applied for, and the TSXV has provided AF1 with, a waiver from the sponsorship requirement in accordance with TSXV policies.
Trading of the AF1 Common Shares on the TSXV is currently halted and will remain halted until the completion of the Proposed Transaction.
Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and, if applicable pursuant to the Exchange Requirements, majority of the minority shareholder approval. Where applicable, the Proposed Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this news release.
For further information:
Michael Galloro
CEO, CFO, Corporate Secretary and Director of AF1
Telephone: (416) 907-5644 ext. 105
Forward-Looking Information
When used in this news release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Corporation believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in these forward-looking statements and information in this news release are reasonable, undue reliance should not be placed on them because the Corporation can give no assurance that they will prove to be correct. The forward-looking statements and information in this news release include information relating to the business plans of AF1, Heavenly and PureKana, the Proposed Transaction (including TSXV approval, satisfaction of the conditions set forth in the Business Combination Agreement, and the closing of the Proposed Transaction) and the officers, directors and insiders of the Resulting Issuer upon completion of the Proposed Transaction. Such statements and information reflect the current view of AF1, Heavenly and/or PureKana, respectively. Risks and uncertainties may cause actual results to differ materially from those contemplated in these forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause AF1’s actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: (i) there is no assurance that AF1, Heavenly and PureKana will obtain all requisite approvals for the Proposed Transaction, including the approval of the TSXV for the Proposed Transaction (which may be conditional upon amendments to the terms of the Proposed Transaction); (ii) following completion of the Proposed Transaction, the Resulting Issuer may require additional financing from time to time in order to continue its operations and financing may not be available when needed or on terms and conditions acceptable to the Resulting Issuer; (iii) new laws or regulations could adversely affect the Resulting Issuer’s business and results of operations; and (iv) the stock markets have experienced volatility that often has been unrelated to the performance of companies. These fluctuations may adversely affect the price of the Resulting Issuer’s securities, regardless of its operating performance. There are a number of important factors that could cause AF1 and PureKana’s actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others: changes to the regulatory environment; product viability and liability; industry competition; changing consumer preferences and customer retention; inability to implement growth strategy; results of operations and activities; and general market and industry conditions. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation, PureKana, their respective securities, or their respective financial or operating results (as applicable).
AF1 cautions that the foregoing list of material factors is not exhaustive. When relying on AF1’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. AF1 has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this news release represents the expectations of AF1 as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. AF1 does not undertake to update this information at any particular time except as required in accordance with applicable laws.
Non-IFRS Measures
This news release refers to certain financial measures that are not determined in accordance with International Financial Reporting Standards (“IFRS“). Measures such as ”Adjusted EBITDA” are not standard measures under IFRS and, therefore, may not be comparable to similar measures reported by other entities. Management of PureKana believes that these supplemental measures facilitate the understanding of PureKana’s results of operations and financial position. These financial measures are considered non-IFRS financial measures. Readers are cautioned that these measures should not be construed as an alternative to measures determined in accordance with IFRS as an indication of PureKana’s performance, and should be considered in addition to, but not as a substitute for, measure of financial performance prepared in accordance with IFRS. PureKana defines “Adjusted EBITDA” as income or loss before finance costs, taxes and depreciation, share-based compensation, unrealized gains/losses on derivative contracts, non-cash items, transaction costs and other items considered non-recurring in nature. Reconciliation of this measure to net income (loss) for the relevant periods can be found and is discussed in “Non-GAAP Financial Measures” that appears in PureKana’s Management’s Discussion and Analysis attached to the Filing Statement as Appendix D.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/68826
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.
The post Fintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations appeared first on News, Events, Advertising Options.
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.
The post Fintech Pulse: Industry Updates, Innovations, and Strategic Moves appeared first on News, Events, Advertising Options.
The fintech sector continues its relentless drive toward innovation and market dominance. Today’s highlights include a record-breaking customer milestone for Revolut, groundbreaking fintech solutions for women in the EU, open entries for the PayTech Awards 2025, implications of political shifts on funding, and notable recognition at the US FinTech Awards.
Revolut Hits 50 Million Customers: A Global Fintech Giant’s Milestone
Source: Revolut
Revolut, the UK-based financial super app, has achieved a monumental feat: surpassing 50 million customers worldwide. This milestone underscores its position as a leader in the global fintech landscape, furthering its ambition to create the world’s first truly global bank.
Key to this success has been Revolut’s strategy of expanding its offerings, from banking to travel and crypto services, all within a seamless user experience. The company’s recent ventures into emerging markets such as Latin America and Asia demonstrate its intent to bridge financial services gaps while retaining competitive differentiation through technology.
This milestone is not just a triumph for Revolut but a signal of fintech’s capacity to redefine traditional banking. It reinforces the narrative that digital-first strategies, customer-centric innovation, and international scalability can challenge long-standing financial institutions.
PayTech Awards 2025: Celebrating Excellence in Innovation
Source: FinTech Futures
The PayTech Awards 2025 are officially open for entries, promising to spotlight the brightest minds and most innovative projects in the payment technology sector. These awards are a testament to the industry’s commitment to advancing secure, seamless, and scalable payment systems.
This year, the focus is on emerging technologies that redefine how businesses and consumers interact financially. Categories will recognize achievements across multiple domains, including sustainability in payments, AI-driven solutions, and partnerships that push boundaries.
As fintech companies prepare their entries, the awards provide a timely reminder of the sector’s ongoing evolution and the collaborative efforts required to achieve meaningful breakthroughs.
U.S. Politics and the Fintech Sector: A New Era of Funding?
Source: American Banker
The U.S. fintech sector might witness an infusion of optimism as speculation about a second Trump presidency gains momentum. The Trump-era policies of deregulation and venture capital encouragement are remembered as catalysts for unprecedented fintech growth during his first term.
While it remains uncertain how regulatory landscapes will shift, the possibility of a more relaxed approach toward fintech compliance could rejuvenate funding inflows. Investors and startups alike are watching closely, weighing the potential benefits against long-term risks tied to reduced oversight.
A politically charged backdrop often spells volatility, but for fintech, it may also spell opportunity. Preparing to adapt quickly will be crucial for startups and established players in the face of any regulatory pivot.
Klara AI and Unlimit: Addressing the €1.3 Trillion Female Economy
Source: FF News
Klara AI has teamed up with Unlimit to launch a fintech solution aimed at empowering women across the EU. This collaboration targets the €1.3 trillion female economy by addressing the unique financial needs of women entrepreneurs and consumers.
The solution promises to integrate AI-powered tools with streamlined financial management services, enabling users to access credit, manage investments, and scale businesses effectively. By tailoring services to the underserved female demographic, the partnership hopes to drive financial inclusion and support economic growth.
This initiative stands as a blueprint for fintechs exploring niche markets, proving that innovation tailored to specific segments can yield transformative results.
Autire: Accounting Tech of the Year at US FinTech Awards
Source: Business Wire
Autire, a rising star in financial technology, has been crowned ‘Accounting Tech of the Year’ at the US FinTech Awards 2024. The award recognizes Autire’s ability to blend cutting-edge AI with intuitive user interfaces, delivering unparalleled accounting solutions for businesses of all sizes.
Autire’s platform has gained traction for automating complex accounting tasks, ensuring compliance, and delivering actionable insights through real-time analytics. Its emphasis on reducing administrative burdens for SMEs has been particularly impactful, enabling entrepreneurs to focus on growth rather than bookkeeping.
The recognition not only cements Autire’s reputation but also highlights the role of AI-driven accounting solutions in reshaping business operations globally.
Final Thoughts: A Fintech Revolution in Full Swing
From customer milestones to policy-driven opportunities, the fintech ecosystem is in constant evolution. Revolut’s ascent to 50 million users signals growing consumer trust in digital platforms. The PayTech Awards continue to inspire innovation, while political shifts could redefine the regulatory landscape. Initiatives like Klara AI and Unlimit emphasize the power of targeted solutions, and companies like Autire show how niche technologies can achieve broad impact.
The next phase of fintech growth will likely hinge on inclusivity, adaptability, and innovation—pillars that today’s news stories exemplify.
The post Fintech Pulse: Milestones, Partnerships, and Transformations in Fintech appeared first on .
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Fintech PR7 days agoLaunch of Al Faisal Al Baladi Holding
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Fintech PR3 days agoROLLER Releases 2025 Attractions Industry Benchmark Report, Unveiling Key Trends and Revenue Strategies
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Fintech PR2 days agoTAILG Represents the Industry at COP29, Advancing South-South Cooperation with Low-Carbon Solutions
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Fintech4 days agoFintech Pulse: Navigating Expansion, Innovation, and Sustainability
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