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Linnovate Partners Announces Close of USD 40 Million Funding Commitment Led by SeaTown

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SINGAPORE, May 10, 2024 /PRNewswire/ — Linnovate Partners (“Linnovate”), a leader in asset servicing and fintech for the alternative investment industry, is pleased to announce the successful closure of USD 40 million funding commitment by SeaTown Private Capital Master Fund. SeaTown Private Capital Master Fund is managed by SeaTown Holdings International Pte. Ltd. (“SeaTown”), a leading Asia-focused alternative investments firm that is owned by Seviora, Temasek’s asset management group. This capital infusion marks a pivotal moment in Linnovate’s journey, enabling the firm to scale operations, drive innovation, and further solidify its position as a market leader.

As Linnovate continues to experience rapid growth and increasing demand for its tech-enabled services, the infusion of funds will play a vital role in meeting client requirements and advancing market innovation. The investment will enable Linnovate to allocate additional resources strategically, ensuring the company remains at the forefront of technology advancements and maintains its commitment to delivering exceptional solutions to clients worldwide.

Henry Lin, founder and CEO of Linnovate Partners, expressed enthusiasm about the opportunities this investment opens “We are thrilled to have SeaTown as our strategic partner and investor. This investment will be instrumental in accelerating our growth trajectory, providing us with the necessary resources to enhance our service offering, and continue delivering cutting-edge solutions to our clients and the industry itself.”

Dickson Loo, Managing Director of SeaTown, commented, “Linnovate has established itself to be an industry-leading player with their highly differentiated culture of customer centricity and strong technology focus. We are excited to be part of the next phase of Linnovate’s growth story, as we leverage our network, resources and expertise to help the company scale to greater heights”.

Linnovate has built a strong reputation for its innovative approach to solving manual mid-to-back-office tasks involved in fund administration through tech-enabled services. The company’s commitment to pushing the boundaries of technological advancement has earned it the trust of numerous high-profile private equity and venture capital firm clients and established it as a sought-after partner in the industry.

About Linnovate Partners
Linnovate Partners is a leading asset services provider focused on driving innovation in the alternative investments industry. With expertise across the entire fund lifecycle, Linnovate Partners goes beyond traditional fund administration to provide value-added services and technologies that empower asset and fund managers to excel in their operations. Its six core service areas include Fund Administration, Investor Relations, Regulatory Compliance, Portfolio Monitoring, Reporting Services and Technology Consulting Services.

Powering these services is a proprietary, cloud-based platform, RAISE, that provides all the functions of alternative investing in a single ecosystem and enables seamless integration and accessibility.

With offices globally, Linnovate Partners currently administers over $130 billion in assets across more than 600 private equity and venture capital funds. As an innovation-focused disruptor, Linnovate Partners combines deep industry expertise and the latest technologies to drive better outcomes for alternative investment managers and investors worldwide.

About SeaTown:
Founded and headquartered in Singapore since 2009, SeaTown is a leading Asia-focused alternative investments firm with deep expertise across private and public markets.

Owned by Seviora, Temasek’s asset management group, SeaTown is a trusted steward of capital, investing alongside its investors in conviction-driven strategies. Its alternative investment fund platform offers international investors exposure to highly specialised private equity, private credit, and thematic absolute return opportunities in the region.

As a partner, SeaTown strives to deliver compelling risk-adjusted returns by leveraging its extensive relationship network, decades of investing experience and astute global perspectives.

For additional information, inquiries, or interview schedule, please contact:
Linnovate Partners:
Andrea Balboa
[email protected]

SeaTown:
Kayla Wah
[email protected]

View original content:https://www.prnewswire.co.uk/news-releases/linnovate-partners-announces-close-of-usd-40-million-funding-commitment-led-by-seatown-302141238.html

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PB Fintech slips 2% after over 8 million shares change hands via block deal

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PB Fintech witnessed a 2% decline in its stock price, reaching Rs 1,313.65 per share, as approximately 8.4 million shares, equivalent to 1.86% of outstanding shares, were exchanged via block deals on the exchanges. By 9:44 AM, the volume surged to 9 million shares collectively on both exchanges, while PB Fintech’s stock price dipped by 0.56% to Rs 1,333 apiece, contrasting with a 0.22% decline in the S&P BSE Sensex.

Executive Share Sales

On May 16, PB Fintech announced that its Chairman and CEO, Yashish Dahiya, alongside Vice Chairman and Whole-time Director, Alok Bansal, intended to sell partial stakes in the company. Dahiya plans to sell up to 5.4 million equity shares, while Bansal aims to divest up to 2.97 million equity shares. Proceeds from the sale will be allocated primarily towards taxes on current and future ESOP exercises.

Following the sale, Dahiya will retain a 4.83% stake, while Bansal will hold a 1.63% stake in PB Fintech on a fully diluted basis. The company clarified that no further share sales are planned by the duo for at least one year.

Company Profile and Financial Performance

PB Fintech is actively involved in providing integrated online marketing and IT consulting services, primarily for the financial services industry, including insurance. The company operates Policybazaar, India’s largest digital insurance marketplace, and Paisabazaar, which offers lending-related services.

In Q4FY24, PB Fintech reported a net profit of Rs 60.19 crore, marking a significant improvement from the Rs 9.34 crore loss in the corresponding period of the previous year. The company’s revenue from operations surged by 25.4% year-on-year to Rs 1,090 crore in Q4 FY24, compared to Rs 869 crore in Q4 FY23.

For the entire fiscal year, PB Fintech’s net profit stood at Rs 64 crore, contrasting with the Rs 488 crore loss in FY23. The company’s consolidated operating revenue rose by 34% year-on-year to Rs 3,437 crore.

Analyst Perspectives

Analysts at Nuvama Institutional Equities raised their FY25/26 Ebitda estimates significantly to accommodate higher growth and improved profitability. However, they maintained a ‘Reduce’ rating on the stock due to its rich valuation, revising their target price to Rs 1,160.

Keynote Capital downgraded PB Fintech’s stock to ‘Reduce’ from ‘Buy’, citing that most of the positives appear to be priced in. Despite acknowledging the company’s positive momentum and profitability, the brokerage believes that current market expectations may be overly optimistic.

PB Fintech continues to navigate its growth trajectory amidst strategic initiatives and evolving market dynamics, as reflected by varying analyst viewpoints.

Source: business-standard.com

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US fintech Yendo secures $165m in mix of debt financing and equity

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Yendo, a prominent fintech company based in the United States, has successfully secured $165 million in funding through a combination of debt financing and equity investment.

Funding Structure

The funding round comprised a mix of debt financing and equity infusion, highlighting investors’ confidence in Yendo’s growth prospects and business model. This significant financial injection underscores Yendo’s position as a key player in the fintech sector.

Investment Highlights

Yendo’s ability to attract such substantial investment underscores its appeal to investors. The company’s innovative approach and strategic positioning within the fintech landscape have positioned it for accelerated growth and market expansion.

Utilization of Funds

The newly raised capital will likely be deployed to fuel Yendo’s expansion initiatives, including product development, market expansion, and strategic acquisitions. The infusion of funds will provide Yendo with the financial resources needed to capitalize on emerging opportunities and consolidate its market position.

Market Impact

Yendo’s successful funding round is expected to have a positive impact on the broader fintech market, signaling investor confidence in the sector’s growth potential. The influx of capital into Yendo reflects the ongoing trend of significant investment activity within the fintech industry, driven by increasing demand for innovative financial solutions.

Source: fintechfutures.com

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Commerce Bank goes live with instant payment service FedNow through Temenos Payments Hub

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Commerce Bank, headquartered in Kansas City, USA, has recently activated the FedNow instant payments service as part of its ongoing modernization efforts.

Collaboration with Temenos

Commerce Bank has partnered with Temenos, a leading Swiss vendor, to enhance its real-time payment capabilities. This collaboration builds upon Commerce Bank’s previous deployment of Temenos’ core banking platform in 2022 and its adoption of the Infinity loan origination solution earlier this year.

Utilization of Temenos Payments Hub

Commerce Bank has opted for the Temenos Payments Hub to integrate the FedNow service seamlessly. According to Temenos, this choice aims to amalgamate advanced banking products with cutting-edge delivery methods.

Insight from David Roller

David Roller, CIO of Commerce Bank, views this selection as a strategic step in their modernization journey. He emphasizes the bank’s commitment to meeting the evolving expectations of its customers by leveraging the capabilities offered by the Temenos platform.

Features of the Platform

The Temenos Payments Hub, delivered via Software-as-a-Service (SaaS), offers a comprehensive suite of payment tools and frameworks. These include features like straight-through processing, automated exception handling, cloud security measures, intelligent routing, and customizable workflows.

Leveraging the US Model Bank

In addition to the Temenos Payments Hub, Commerce Bank has also leveraged Temenos’ US Model Bank. This collection of pre-configured banking processes is tailored to address the specific requirements of the US market, further enhancing Commerce Bank’s operational efficiency and customer service.

Source: fintechfutures.com

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