Fintech
Solving the Night Snack Puzzle: Nightfood CEO Sean Folkson Talks Growth, Sleep, and a Billion-Dollar Opportunity
New York, New York–(Newsfile Corp. – July 28, 2021) – PCG Digital — Nightfood (OCTQB: NGTF), the night snack company, is targeting the $50 billion Americans spend each year on snacks consumed between dinner and bed. Nightfood’s award-winning sleep-friendly ice cream was formulated by leading sleep experts to support a good night’s sleep for anybody snacking at night. Nightfood’s recent results showcase a clean balance sheet, strong management team and key customer additions.
With our nation’s sleep problems worsening, experts continue to explore the critical link between nutrition and sleep.
In March 2021, Unilever, the world’s largest ice cream company, announced a year-long study to determine how diet and nutrition can be used to support better sleep for consumers around the globe. In April 2021, Nightfood expanded their retail footprint with placement in over 1,000 Walmart stores, bringing the total store count to just under 2,000 locations.
Recently, Nightfood CEO Sean Folkson discussed the growing consumer and market interest in the night snack category, sharing his insights on our love for late-night snacks, the company’s growing distribution plans and the potential for other snack products down the road.
Question:
Hi Sean, can you share with us what motivated you to address the night snacking problem? Are you personally a big nighttime snacker?
Answer:
I’m absolutely a big nighttime snacker…just about nightly. When I decided to launch Nightfood, I knew night snacking was a problem for me and many of the people I spoke to. But, we didn’t have all the industry data and statistics we have now. We didn’t have an understanding of WHY so many people snack at night or WHY humans, as a whole, are so likely to make bad choices at night and the impact those choices might have on our sleep…we know so much more now than back then. But what got me into this space was my personal nightly snacking.
Question:
The nighttime snacking category is gaining interest from some of the big conglomerates. Has this provided additional validation for what Nightfood is pioneering?
Answer:
We believe that there’s tremendous validation when Pepsi, or Unilever or Nestle say that they’re looking at your space…that their research tells them that this is an important consumer problem, and that they see it as a possible key driver for future growth. I’ve been saying for years that the category is inevitable. There are just too many snackers, too many unhealthy choices, too much bad sleep, and too many people looking for better functionality from their foods…I believe that eventually all the global conglomerates will have to make a decision about this space.
Question:
Over 80% of Americans snack at night, and the most popular choices are things like ice cream, chips, and candy. Why is unhealthy night snacking such a hard habit to break?
Answer:
While there is a habitual component to unhealthy night snacking, studies show that the key driving force behind the behavior is our biological hard-wiring. We’re wired at night to load up on sweets and fats in case there’s not enough food tomorrow, that’s a throwback to our hunter/gatherer days. Most of us know that’s not the best thing to do, but the other issue is that our willpower tends to be weakest as it gets later in the day. So that combination is what drives the behavior, and why this problem isn’t going to just solve itself. It’s biological cravings, driven by daily rhythms and hormones, combined with exhausted willpower. That’s why people like me, and millions of others, struggle with this for years and decades on end.
Question:
Nightfood has been named the “Official Ice Cream” of the American Pregnancy Association. Can you tell us in your own words how that came about and why the APA has singled you out? Is this a market you plan to expand your offerings in?
Answer:
We started seeing pregnant women posting about Nightfood on social media, and it got us thinking. Obviously pregnant women have unique nutritional needs, and we started researching to see if Nightfood was a good fit for their needs. Surprisingly, we discovered that many of the specific nutritional choices we made for better sleep were in line with the recommended nutrition for pregnant women: more fiber, more protein, less sugar, more calcium, more zinc. We reached out to the APA and they loved the idea of being able to introduce pregnant women to Nightfood. Existing research tells us that ice cream really is the #1 pregnancy craving, and expectant moms have to either indulge those cravings or fight them. The APA realized this is a better choice than traditional ice cream, other better-for-you ice creams, and the low-fat frozen yogurt that it seems every website and OBGYN used to recommend for pregnancy ice cream cravings.
Question:
Your ice cream is in freezers at almost 2,000 outlets in the U.S., including divisions of Walmart, Kroger, and Albertson’s. Are you planning any additional distribution channels you can tell us about?
Answer:
There are some new supermarket category reviews scheduled for later in summer and early fall, so it’s premature to talk about that right now. What’s really exciting right now is the hotel opportunity we have. We believe our sleep-friendly ice cream is a great fit in hotel freezers. We estimate there are 18,000+ hotels in the U.S. selling ice cream in the freezers of their lobby shops. Earlier this year, we began a retail pilot test with one of the leading global hotel brands. We expect a successful test could result in us rolling out quickly into thousands of hotels all across the country, so I’m very excited about that possibility.
Question:
After your recent fundraising round in April, your company now is debt free. You mentioned that you just completed your first fiscal year with over $1,000,000 in gross sales, which ended on June 30. What kind of growth do you project in this new fiscal year that started on July 1?
Answer:
I do expect significant continued growth this year, but there are still too many variables for us to provide guidance or projections.
Question:
I read in a Yahoo Finance article earlier this month that Nightfood mentioned exploring new products. Are you working on other nighttime snacking alternatives or thinking about going into sleep-supporting beverages, like Driftwell?
Answer:
Remember that we consider ourselves a snack company, not a sleep company or a sleep-aid company. Consumers spend over a billion dollars a week on snacks. Our job is to provide better snacks in place of the snacks that are already being consumed. If people think of us as an ice cream company, or as a sleep company, it means we didn’t do a good enough job of communicating our point of view. Every night people are losing the battle with food, because of forces stacked against them. And when you lose that battle, and snack poorly, it can impair your sleep and that impacts just about every aspect of your life.
So our responsibility is to deliver snacks that are sleep friendly. That means less of the stuff that might impair or disrupt sleep, as well as ways in which our snacks support better sleep.
If we were ever to do a beverage, it would have to deliver nutrition, and be able to serve as a snack. So theoretically a shake or a smoothie might be in play at some point.
More likely would be a Nightfood expansion into additional snack formats…and, while we’re always exploring, nothing has been formally announced at this time.
Question:
How big do you think the night snack market can become?
Answer:
It’s hard to predict how many people will move over to sleep-friendly snacking, but we do know approximately how much money is being spent on snacks consumed between dinner and bed. That estimate is over $50B annually, and that’s based on data from IRI and Euromonitor. We know more and more consumers are looking for healthier snacks, more functional snacks, and better sleep. Based on our research and what we believe, I predict night snacks will be a billion-dollar category.
For more information on Nightfood visit nightfood.com
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Fintech
Former MD of SUI Foundation, Greg Siourounis, Joins xMoney Global as Co-Founder and CEO to build MiCA-Regulated Stablecoin Platform
xMoney Global, the global, inter-bank and cross crypto/fiat integrated payments platform has appointed award-winning economist Dr. Greg Siourounis as Co-Founder and CEO. The company is a Mastercard principal member, with strategic European licenses, such as e-Money and VASP.
As the digital landscape continues to evolve with the coming MiCA regulation, xMoney Global intends to lead Europe into this new transformative EU regulated stablecoin era. Greg Siourounis will lead the integration of xMoney’s advanced blockchain-enabled payments infrastructure with its upcoming stablecoin program. Stablecoins are a key driver of blockchain adoption in today’s market, now surpassing Bitcoin, remittances, and PayPal in annual transaction volume. As such, xMoney’s Global reputation positions it to bridge Web3 innovation with traditional finance, leading Europe into a new transformative EU regulated stablecoin era.
Dr. Greg, who has played a pioneering role in the growth of Sui Foundation as its former Managing Director and who previously founded Everypay, will drive xMoney Global’s next wave of growth. Beyond the standard reference of his academic work in 2024’s Nobel Prize in Economics, Dr. Greg’s career is also decorated with awards such as the 2005 Young Economist Award from The European Economic Association and the 2008 Austin Robinson Prize from The Royal Economic Society. His immediate target will be to focus on partnerships, regulatory alignment and market expansion, as xMoney Global looks to build a comprehensive payments platform that bridges legacy financial systems with the potential of decentralized finance.
Commenting on his appointment, Dr. Greg Siourounis, CEO of xMoney Global, said, “As Europe prepares to embrace MiCA regulation, xMoney Global is positioned to redefine what compliant, secure, and seamless digital payments can be. Our goal is to deliver a solid and trusted ecosystem that combines the strengths of traditional finance with the flexibility of blockchain technology to create a future-ready payment experience.”
Beniamin Mincu, Co-founder of MultiversX, said, “xMoney Global’s mission aligns perfectly with the vision of MultiversX to bring scalable and secure blockchain solutions to mainstream finance. This appointment marks a significant step toward building a more inclusive and resilient financial system.”
The launch of xMoney Global aims to offer a next-gen blockchain-as-a-service module backed by its native stablecoin, with key white-labeled services including acquiring, issuing, onramps/offramps and a sticky loyalty program, all backed by MultiversX’s state-of-the-art sharding technology. Following the surge in crypto markets after Trump’s pro-crypto Presidential win, xMoney will be ideally placed to accelerate real-world adoption as the easiest way for everyone (consumers, retail and e-commerce) to seamlessly access fiat and crypto currencies in an app, card or payment gateway.
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The financial technology sector continues to evolve at a rapid pace, offering innovations that disrupt traditional paradigms. Today’s briefing underscores fintech’s diverse growth avenues: from substantial venture capital plays and strategic partnerships to groundbreaking implementations in lending. Here’s a closer look at recent developments shaping the landscape.
Synapse’s Comeback and Andreessen Horowitz’s Strategic Bet
Source: Axios
Synapse, a financial infrastructure company previously embattled by controversy, is staging a remarkable comeback, backed by none other than venture capital heavyweight Andreessen Horowitz (a16z). With this new infusion of funds, Synapse aims to consolidate its position as a premier platform for building financial services tools.
This resurgence demonstrates the resilience of the fintech ecosystem, where innovation often prevails over turbulence. Synapse’s renewed vigor also signals that top-tier investors remain bullish on infrastructural solutions pivotal to the future of digital finance. Andreessen Horowitz’s participation not only validates Synapse’s model but also underscores the VC giant’s enduring interest in fintech infrastructure, even amid global economic uncertainties.
Analysis:
This partnership exemplifies the dynamism within fintech, highlighting the interplay of innovation, capital, and resilience. It also raises questions about the broader implications of giving second chances to firms with turbulent histories. While Synapse’s evolution could inspire others, it also places a spotlight on governance and accountability in high-growth sectors.
Israel’s Fintech Scene Gets a Boost with Investment in Finova Capital
Source: Calcalistech
Israeli fintech startup Finova Capital has raised an impressive $20 million in a funding round led by prominent institutional investors. This marks a significant milestone for the company as it seeks to expand its suite of financial solutions aimed at underserved markets.
Israel’s fintech ecosystem has long been recognized as a hub of innovation, and this latest investment only reinforces its global standing. Finova Capital’s focus on empowering smaller businesses and fostering financial inclusivity aligns with emerging trends where tech-driven solutions bridge critical gaps in financial services.
Analysis:
With this funding, Finova is poised to enhance its technological offerings while contributing to economic inclusion. However, the broader fintech industry will watch closely to see how the company leverages this capital amid increasing competition from regional and global players.
India’s Yubi Plans a Fundraising Push
Source: Bloomberg
Yubi, a prominent Indian fintech platform backed by Insight Partners, is reportedly preparing for a new fundraising round. Having already established itself as a leader in credit infrastructure, Yubi aims to bolster its offerings and expand its market footprint.
India’s fintech landscape is witnessing explosive growth, with platforms like Yubi playing a critical role in the credit ecosystem. Yubi’s planned fundraising reflects the broader appetite for scaling solutions that streamline credit access, particularly in emerging markets where traditional lending models often fall short.
Analysis:
This development highlights two key trends: the increasing reliance on credit platforms in high-growth economies and the strategic role of international investors like Insight Partners in driving fintech innovation. Yubi’s expansion plans could set a precedent for other regional fintech players seeking to scale amid global economic headwinds.
Provenir and Hastings Financial Services Win Global Recognition
Source: Business Wire
In a testament to the transformative power of digital lending solutions, Provenir and Hastings Financial Services have been jointly recognized for the Best Digital Lending Implementation at the IBSi Global Fintech Innovation Awards. This accolade underscores the success of their collaboration in modernizing the lending process through cutting-edge technology.
Provenir’s advanced decision-making platform and Hastings Financial Services’ lending expertise have delivered a solution that significantly enhances user experience, operational efficiency, and risk management. Such innovations highlight the increasing role of partnerships in advancing fintech’s digital transformation.
Analysis:
This recognition not only validates the efficacy of digital lending but also emphasizes the importance of partnerships in driving innovation. It signals to the industry that collaboration can be a powerful tool for staying ahead in a rapidly evolving marketplace.
Microf and Quantum Financial Technologies Forge New Alliances
Source: PR Newswire
Microf, a financial solutions provider, has announced a strategic partnership with Quantum Financial Technologies. This collaboration aims to expand lending solutions for contractors, providing streamlined access to capital for businesses in need of flexible financing options.
This partnership is a timely response to the growing demand for specialized financial products in niche markets. By leveraging Quantum’s technology, Microf can now offer more tailored solutions, particularly to contractors navigating complex financial requirements.
Analysis:
This development reflects a growing trend: the diversification of fintech offerings to serve specific market segments. As competition in mainstream fintech intensifies, targeting underserved niches could become a defining strategy for success.
Key Takeaways for the Fintech Ecosystem
- Resilience in Fintech Funding: Despite economic uncertainties, venture capital continues to fuel innovative fintech players like Synapse and Finova Capital.
- Regional Growth Stories: From Israel to India, fintech ecosystems are thriving, attracting global attention and investment.
- Collaboration as a Catalyst: The success of partnerships like Provenir-Hastings and Microf-Quantum underscores the importance of strategic alliances.
- The Power of Recognition: Awards like the IBSi Fintech Innovation Awards validate industry achievements, inspiring others to push the envelope.
- Focus on Inclusion: Whether through credit platforms or lending solutions, fintech is playing a pivotal role in fostering financial inclusivity worldwide.
Looking Ahead: Challenges and Opportunities
The fintech sector’s journey is far from linear. Regulatory complexities, technological disruptions, and market volatility remain persistent challenges. However, as seen in today’s developments, the opportunities far outweigh the risks. By prioritizing innovation, collaboration, and inclusivity, fintech players can navigate the complexities of the global financial landscape.
This moment in fintech history is pivotal. It’s a time for bold decisions, strategic partnerships, and a commitment to bridging financial divides. As industry players rise to the occasion, the road ahead promises a future where technology and finance intertwine to empower individuals and businesses alike.
The post Fintech Pulse: A Daily Dive into Industry Innovations and Developments appeared first on News, Events, Advertising Options.
Fintech
Fintech Latvia Association Releases Fintech Pulse 2024: A Guide to Latvia’s Growing Fintech Hub
The Fintech Latvia Association has launched the latest edition of its annual publication, Fintech Pulse 2024, unveiling insights and resources that position Latvia as a thriving hub for European fintech.
Announced at this year’s Fintech Forum, the magazine is now available in digital format, offering a comprehensive guide for fintech professionals and entrepreneurs navigating the Latvian market and exploring its advantages.
This issue covers essential topics, from support tools provided by Latvijas Banka and newcomer roadmaps to Riga’s investor resources and fintech education opportunities. Readers will find the latest fintech news from Latvia, coverage of this year’s key industry events, and member insights on the future of fintech. The Fintech Landscape section provides a comprehensive overview of the Latvian fintech ecosystem.
Tina Lūse, Managing Director of Fintech Latvia Association, expressed excitement about the ecosystem’s growth: “We are excited to unveil the third annual edition of Fintech Pulse. This year has been pivotal for our ecosystem, and together with public sector stakeholders, we are enhancing financial inclusion, democratizing investments, and driving innovation throughout the sector. This is a testament to Latvia’s emergence as a fintech hub, establishing itself as an equal partner in innovation and support within the Baltic region.”
Minister of Finance Arvils Ašeradens highlighted Latvia’s fintech potential in the magazine, stating: “Latvia has already made strides in adapting its regulatory framework to support a stable financial system. Now, we encourage financial market players to invest in modern technologies to meet the growing demand for inclusive financial services and solidify Latvia’s position in the fintech landscape. We are confident that with the combined offer of the government, Latvijas Banka and Riga city, we are a great place to start your next scalable European FinTech!”
Minister of Economics Viktors Valainis expressed Latvia’s ambition in the magazine, stating: “Latvia wants to become a WEB 3.0. innovation hub and solidify itself as one of the leaders of a newly regulated EU crypto-asset market. We welcome international companies to choose Latvia, a flexible and fast-paced country, where you can obtain a MICA license in just 3 months. Open your office in Latvia, receive a MICA license and serve the whole EU market!”
The Fintech Latvia Association brings together fintech and non-banking financial service providers to represent their interests at both the national and international levels. It promotes sustainable development in Latvia’s financial sector by fostering reliable, responsible, and long-term industry practices that earn trust from consumers and regulatory authorities. The association is committed to supporting innovation and growth opportunities within the fintech landscape.
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