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Wirex chooses OpenPayd to launch embedded accounts across UK and EEA

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LONDON, May 14, 2024 /PRNewswire/ — Today, leading embedded finance and Banking-as-a-Service (BaaS) platform, OpenPayd announces its partnership with Wirex, a prominent Web3 money app, to provide named virtual IBANs to its customers across the UK and European Economic Area (EEA) strengthening Wirex’s core mission to provide easy, fast and secure payment methods to its customers.

The partnership will see OpenPayd issue virtual IBANs to Wirex customers in 30+ countries across the UK and EEA. Customers will have access to the Faster Payments network in the UK and Single Euro Payments Area (SEPA) Instant payments for Euro-denominated deposits and withdrawals.

The service will be fully embedded into Wirex’s infrastructure via OpenPayd’s single, developer-friendly API. Wirex customers will receive a unique, named IBAN, enabling them to seamlessly transfer EUR and GBP between their Wirex and bank accounts. Payments across OpenPayd’s SEPA Instant and Faster Payments rails take place in real-time, 24/7, 365 days of the year, leading to a significant improvement in customer experience.

“High-growth digital assets businesses need reliable, scalable banking and payments partners to deliver a seamless user experience without incurring delays or prohibitive fees,” said Iana Dimitrova, CEO of OpenPayd. “Wirex is a trusted, established and growing player in the digital assets market. Our reliable platform, with 99.99% uptime, will support Wirex in its mission to make cryptocurrency more secure, accessible and available to everyone.”

“At Wirex, we strive to bridge the gap between the traditional and digital economies, so it’s vital that our customers can easily make and receive payments via SEPA Instant and Faster Payments. OpenPayd’s tech stack is not only state of the art and easy to integrate, it’s also proven at scale – processing millions of transactions monthly,” said Pavel Matveev, CEO and Co-Founder of Wirex. “Named IBANs offer our customers an improved user experience and an even more personalised service. They also enable our teams to completely automate back office account reconciliation. OpenPayd is the perfect partner to facilitate the instant, accessible and secure payments our customers need.”

About OpenPayd

OpenPayd builds embedded finance and banking-as-a-service infrastructure that powers business growth. With OpenPayd’s financial services infrastructure, innovative companies can build new products, streamline their operations and manage their payments on a global scale.

The OpenPayd platform delivers a full suite of banking and payments infrastructure: accounts, FX, international and domestic payments and Open Banking services – all via a single API. With a growing network of licences across the UK, Europe and North America, OpenPayd is providing the banking infrastructure digital businesses need to thrive.

For additional information on OpenPayd, please visit https://openpayd.com/.

About Wirex 

Wirex is a prominent UK-based digital payments platform with over 6 million customers spread across 130 countries. It offers secure accounts, making it easy for users to store, purchase, and exchange multiple currencies seamlessly. 

As a principal member of both Visa and Mastercard, Wirex goes beyond traditional services, embracing the evolving trends of Web3 to provide mainstream access to digital finance and wealth management.

Having processed transactions totalling $20 billion, Wirex aims to contribute to the adoption of a cashless society by facilitating straightforward transactions in various currencies worldwide. Wirex is simplifying digital payments, making it more accessible and convenient for people across the globe.

For additional information on Wirex, please visit https://wirexapp.com/

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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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